{"id":894673,"date":"2018-08-22T15:02:14","date_gmt":"2018-08-22T21:02:14","guid":{"rendered":"https:\/\/www.myconstructionexpert.com\/blog\/?p=894673"},"modified":"2018-08-07T15:10:45","modified_gmt":"2018-08-07T21:10:45","slug":"trick-getting-blockchain-work-insurance","status":"publish","type":"post","link":"https:\/\/www.myconstructionexpert.com\/blog\/trick-getting-blockchain-work-insurance\/","title":{"rendered":"The Trick to Getting Blockchain to Work for Insurance"},"content":{"rendered":"

Jason Contant | Canadian Underwriter<\/a> | July 30, 2018<\/p>\n

The trick to getting blockchain to work in the insurance space is getting all the players in the market to align and agree on common standards and a way to govern the blockchain,\u00a0Aon Benfield\u2019s\u00a0chief information officer said Friday.<\/p>\n

\u201cThere\u2019s a massive efficiency play there if you can get alignment across the different parties in the chain,\u201d Bob Olson said in an interview. \u201cThat\u2019s always the big trick: can you get all the players in the chain to align and agree on common standards [and] a common way to govern the blockchain? That\u2019s kind of what the industry is going through now \u2013 to try and figure out which consortium, which group is going to get the right momentum behind them [and then] get some standards built.\u201d<\/p>\n

\"\"Kelly Superczynski, head of Aon Benfield Analytics for the Europe, Middle East and Africa region, agreed that the benefits of blockchain include efficiency and trying to get some costs out of the equation. As it currently stands, there is a \u201clong chain of people involved\u201d in the insurance process, each with their own system, whether it\u2019s a carrier, managing general agent, broker, reinsurance broker or reinsurer, Olson added. That\u2019s a very labour-intensive kind of process that involves re-keying and revalidation of information, trying to sync information and get claims paid and reconciled.<\/p>\n

\u201cBut having a shared distributed ledger allows you to effectively, in the ideal world, actually enter it once, have other people supplement and add on throughout the data chain, but not having to do all this re-keying and reconciliation through the whole process,\u201d Olson said.<\/p>\n

At this point, though, \u201cnobody really has it working in any kind of scale at this point; it\u2019s still a lot of R&D,\u201d Olson said. (Case in point is Canada\u2019s largest insurer, Intact Insurance, which\u00a0told<\/a>\u00a0Canadian Underwriter<\/em>\u00a0recently that it was exploring blockchain\u2019s potential.)<\/p>\n

Superczynski said that given expense ratio challenges across the industry, \u201cthere\u2019s a recognition across the board that we need to reduce expenses, so using something like blockchain or other technology like AI are high up on the list of carriers\u2019 initiatives because they are trying to figure out how we can get some costs out of the chain.\u201d<\/p>\n

Blockchain has a number of potential applications, including travel and marine insurance, she said. Marine is a very paper-heavy industry and there are a lot of endorsements and amendments as goods are physically passed through the chain. \u201cBlockchain people see that as having a significant opportunity in the marine space because of the amount of paper that goes into just moving goods across the world,\u201d Superczynski said.<\/p>\n

For Marc Boone, senior director of IT with Aon, distributed ledger technology is the future. \u201cWhether blockchain is the solution for how to transact more seamlessly across different parties or whether it\u2019s some evolution of blockchain, it\u2019s hard to say,\u201d he said. \u201cIt\u2019s going to evolve into a blockchain 2.0 or distributed ledger 2.0 or some other tech, but it is coming. The key thing is there is no doubt that there is going to be more data in the future coming from more sources and it\u2019s going to be more joined up than it is today.\u201d<\/p>\n

The comments follow the release of the article\u00a0Blockchain: Mechanics and Magic\u00a0<\/em>earlier this month, written by risk academic and former CEO of Aon Benfield Analytics, Stephen Mildenhall. Aon said in a press release outlining the article that \u201cwhile commentators often tout blockchain as a solution to the insurance industry\u2019s processing and back-office inefficiencies, they are missing its true potential: blockchain technology allows for the re-democratization of data \u2013 providing access to data where and when required \u2013 and for the reassertion of the individual\u2019s control over their private data.\u201d<\/p>\n

In this regard, the article said, insurers are well-positioned to provide the infrastructure and alternative revenue model that will replaced \u201coutmoded and insecure centralized networks\u201d with distributed blockchain solutions. \u201cAccording to this study, this \u2018revolutionary model\u2019 represents the true potential of the blockchain for the insurance industry.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Jason Contant | Canadian Underwriter | July 30, 2018 The trick to getting blockchain to work in the insurance space is getting all the players in the market to align and agree on common standards and a way to govern the blockchain,\u00a0Aon Benfield\u2019s\u00a0chief information officer said Friday. \u201cThere\u2019s a massive efficiency play there if you… Continue reading The Trick to Getting Blockchain to Work for Insurance<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[9914],"tags":[9895,10548,22],"class_list":["post-894673","post","type-post","status-publish","format-standard","hentry","category-insurance-coverage","tag-advise-consult","tag-blockchain","tag-insurance","entry"],"jetpack_publicize_connections":[],"yoast_head":"\nThe Trick to Getting Blockchain to Work for Insurance - 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