Approximately 200 experts and enthusiasts from 16 countries recently met at the Swiss Re Centre for Global Dialogue to discuss Blockchain's potential for the insurance industry.
Key aspects and takeaways include:
- Great event providing insights into theory, challenges and tangible use cases for Blockchain in (re)insurance and related fields
- Diverse participation – Insurers, Reinsurers, Technology Providers, Academia, Research, all contributing to an atmosphere of “innovative spirit within business”
- Highlights from a Ruschlikon perspective:
- Blockchain appears to have similar aims to Ruschlikon: to enable new players in the (re-)insurance industry to engage around the topic of digitalization, automation, and standardization.
- The B3i initiative confirmed during the event that ACORD will be the standard used for its Proof of Concept. The findings from this are expected to be published in June 2017. The aim of the PoC is to demonstrate a decrease of key inefficiencies in the administration of reinsurance/retrocession business and eliminate reconciliation through automatic validation.
- The community's focus is shifting away from the underlying technology, towards the industry's B2B business process and associated benefits.
- There are still challenges around the handling of sensitive data, privacy, and confidentiality, scalability of solutions, interoperability between different technological approaches and regulatory issues linked to the use of bitcoin.
The enclosed link provides further information on the event – in case of further questions or feedback please do not hesitate to contact the below representatives.
Enrico Alessandri, Swiss Re
Pascal Lehmann, Swiss Re
Jürgen Heck, SCOR