…the architecture benefits of distributed ledger technologies (DLTs), promising more effective, more automated and smarter global data exchanges. For our sector this culminated in several projects, amongst which the formation of the R3 initiative clearly stands out, offering decentralized services for insurance and reinsurance processes in their end-to-end use of data.
Likewise, a range of solutions scattered adjacent markets in which we as insurers engage, including insurance solutions for high-value items, warranties, KYC solutions, AML procedures, parametric (index-based) products, as well as generalized practices for insurance, reinsurance, claims handling, P2P models and the distribution of product and services. Personally, I experience the recent years as if awaking from dreaming: Though I am convinced that the pure technological advantage of using decentralized ledgers across industries is a fundamental game changer and accelerator, this dream did not materialize at scale or speed, yet changed often at intermittent speeds, yielding few changes when awakening, at least for my insurance industry so far.
That explains how I focused on supporting industry events, collaborating for industry advice, informing our CRO Forum paper in 2019 titled “Insurance and Distributed Ledger Technology - a risk manager’s perspective”. Since 2015, I keep moderating a forum called “Insurance Blockchain, Decentralized Finance & Risk Transfers”, tracking some of these dreams, ambitions, efforts and projects. After some early dreams burst following the hype curve, many ventures pivoted and areas beyond core insurance were explored.
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