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1 | The Institutes Risk and Insurance Knowledge Group
Unlocking the Power of Blockchain in the Insurance Industry
Susan Kearney, CPCU, ARM, AU, AAI Product Manager, RiskBlock Alliance
The Institutes RiskBlock™ Alliance
Unlocking the Power of Blockchain in the Insurance Industry Susan - - PowerPoint PPT Presentation
Unlocking the Power of Blockchain in the Insurance Industry Susan - - PowerPoint PPT Presentation
Unlocking the Power of Blockchain in the Insurance Industry Susan Kearney, CPCU, ARM, AU, AAI Product Manager, RiskBlock Alliance 1 | The Institutes Risk and Insurance Knowledge Group Outline for Todays Discussion The Building Blocks of
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3 | The Institutes Risk and Insurance Knowledge Group
The Building Blocks of Blockchain
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The Institutes RiskBlock™ Alliance
Blockchain Stems From Advances in Technology
Computers Databases Encryption Networks E‐commerce
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5 | The Institutes Risk and Insurance Knowledge Group
Bitcoin: The Very First Blockchain
Originator: Satoshi Nakamoto (pseudonym)
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6 | The Institutes Risk and Insurance Knowledge Group
What Exactly is Blockchain and What Does it Do?
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7 | The Institutes RiskBlock™ Alliance
Blockchain Fuses Database with Network and Establishes Trust
Bloc kc hain:
- Adding a nything to le dg e r is
pe rma ne nt
- E
sta b lishe s trust a nd e limina te s middle me n whic h: 1) inc re a se s se c urity 2) te a rs do wn wa lls 3) spe e ds up tra nsa c tio ns 4) impro ve s priva c y
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8 | The Institutes RiskBlock™ Alliance
Everything Started with Public Blockchains..They Can’t be Ignored
Transactions
(e‐commerce)
Smart contracts
(computing)
Business Usage
Ethereum Led to Led to
One Example
Led to Public Blockchains Private/Permissioned Blockchains
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9 | The Institutes RiskBlock™ Alliance
Blockchain Applications in Business
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10 | The Institutes RiskBlock™ Alliance
A Few Non-Insurance Use Cases Under Development
- 1. Auto mo b ile Sa le s
- 2. Ac c o unting
- 3. Ba nking
- 4. E
duc a tio n
- 5. E
ne rg y
- 6. He a lthc a re
- 7. I
nte rne t o f T hing s
- 8. Ma ss Me dia E
nte rta inme nt
- 9. So c ia l Me dia
10.Supply Cha in Visa / Do c usig n: Ca r L e a sing Big F
- ur: T
riple E ntry Ac c o unting R3 a nd E ntE th: Cro ss Bo rde r T ra ding Ac a de mic Re c o rds Pa id E ne rg y T ra de s I BM a nd F DA Alig n to Bo o st Pub lic He a lth E the re um I
- T
Re g istry Disne y’ s Dra g o nc ha in Ste e mI t: So c ia l Me dia o n Blo c kc ha in Wa lma rt: Supply Cha in Ma na g e me nt
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11 | The Institutes Risk and Insurance Knowledge Group
Why Blockchain for Insurance?
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12 | The Institutes RiskBlock™ Alliance
Pain Points
Benefits of Blockchain for the Insurance Industry
Increased Automation through Smart Contracts Streamlined Access to Customer Data Lower Costs Increased Trust and Auditability Improved Record Keeping
- Customer Experience
- Premium Scrutiny
- Slow Entry into Emerging
Markets
- Weak Product Innovation
- High Administrative Costs
- Costly Intermediaries
- Fragmented Data Sources
- Manual Processes
- Fraud Prone
- Stringent Regulation
Insured Insurer Benefits Permissioned Data Sharing, Automatic Updates
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13 | The Institutes RiskBlock™ Alliance
Blockchain Use Cases Across Entire Insurance Value Chain
Products, Pricing and Distribution Underwriting and Risk Management Policyholder Acquisition and Servicing Claims Management Finance, Payments and Accounting Regulatory and Compliance
Motor Vehicle Proof of Insurance Parametric Insurance Data Sharing: First Notice
- f Loss
Subrogation
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14 | The Institutes Risk and Insurance Knowledge Group
The Institutes RiskBlock Alliance
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15 | The Institutes RiskBlock™ Alliance
RiskBlock Value Proposition
Backed by The Institutes and trusted by the Risk and P&C Insurance industries for over 100 years Engaging LIMRA to bring DLT to the Life, Annuity and Retirement space* Collaborating with multiple industry associations across the Insurance industry Non-biased, industry focused non-profit and member owned Certified DLT Professional and Certified DLT Engineer education programs Certified RiskBlock Ready Designations for Solution Providers Focused on creating real world production applications that bring value to members Build once, use many approach to architecture, use cases and reusable tool kit components Platform agnostic, supporting the building
- f and communication between various
current and future flavors of DLT Philosophy guided by security and data privacy Multiple Use Case build approaches: Member Only, Collaborative, Solution Provider Focused, RiskBlock Only or a Hybrid of any of these options First true industrywide risk and insurance consortium cutting across all insurance industry sectors
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16 | The Institutes Risk and Insurance Knowledge Group