Blockchain for insurance brokers
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Blockchain for insurance brokers
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What Blockchain Can Do for the Insurance Industry
This episode of The Next Big Think! Blocksure has developed a technology platform that delivers tailored products and schemes for over three billion people across the globe.
As a blockchain expert, Ranvir believes that with insurance becoming an embedded feature in our daily lives, blockchain will bring a fundamental shift in the global insurance industry. It will change the future of insurance. Listen in. This includes CEO responsibility for business units where he has driven growth and performance improvement; and CFO and IT director roles in turnaround businesses.
Ranvir developed a technology platform that delivers tailored products and programs for over three billion uninsured people across the globe.
He is accomplished in change-management, delivering large transformational programs, and building high-performance teams. And I want to thank each of you for listening. Ranvir, thanks for joining us today. Ranvir: Thank you for having me. It always makes me giggle when people introduce me as the CEO of anything.
Kevin: What, how'd that happen? So let me ask you this. So, I've been reading your bio, and went through LinkedIn a few times just to, you know, see, kind of what you have listed there and your profile.
And so, you've spent a lot of time in insurance. So, let me just ask you this… as a child in school, did you just say, I really want a career in insurance? Ranvir: Of course mate, I didn't. Like many people I know, fell into it. But having fallen into it, I wouldn't change it for anything.
It's one of those interesting things where I've worked in other industries where you're in, let's say, loss, adjusting where it's per unit cost, and you know, what you're going to charge people. And then the complexity that goes behind underwriting risk management, distribution is so different, but I'm glad I did it.
It's always interesting to see, you know, in hindsight, how did we end up here, on this day, talking to each other? So, it's quite fun there. So, you've done both consulting within insurance and have leadership roles in various components of insurance. How have you seen the insurance industry change within your career timeframe? Ranvir: Um, for me, when I look back on it, I think it's consumer expectations and how customers look at insurance.
And even around the claim side, people are more aware of what they can complain about, or what they can claim for, what they can complain about. And there are a lot of claims that come from that side, or complaints that come from that side. Now, that just changed. And what's really interesting for me is how people have built products to meet those requirements. So, brokers have become very adept to developing schemes which target niches and people have used technology.
And then the aggregator came along, because there was a need to find cheaper insurance because that's what people wanted. I think it's that matching of consumer needs and then the people and the players that are coming out to match that and really doing it well. And how these new players and the incumbents don't seem to be able to do that as well as these new players. So, for me it is that and it's that growth of these new players meeting customer needs… it's been the fascinating thing.
Kevin: It is so interesting that incumbents struggle with innovations, especially if it's a whole new, out of the box way of approaching the industry. And, that's always been the case across all industries.
But it still is a fascinating subject to me. You know, they're just so resistant to thinking in new ways. So, do you see that as a useful tool then to come from outside of that into a new market, in insurtech? Ranvir: Oh, I do. It's one of the, sort of areas that, we as a business target to say, well, we built a DLT platform, and one of the segments that we're really interested in is, if you've… if you've got a new idea, or if you're within a big incumbents and you want to change something or do something differently, we've created something that absolutely allows you to do…or let's say, target that need and say we want to do something differently, we want to do it quickly.
Let's go and have a go at it. And I've got to go through the buying process of this. Kevin: Ah, that's fascinating. Because, boy, the amount of friction that you can experience if you have a great idea, but you're within a big organization, just to try to do things differently. So, given that capability, I can I can imagine there's all kinds of opportunities there. And we'll talk more about that in a moment. Let me pause for a moment here and do an acronym alert.
You said DLT. For those of you that are newer to the blockchain - distributed ledger technology space, DLT is distributed ledger technology. How would you explain that in a sentence or two Ranvir? Ranvir: So, the first thing I would give is a warning. And the evangelists on both sides have their views. But for me, they're both the same and they both deliver the same benefits. And it's a whole decentralized way of delivering services and processes.
So, for me, DLT and blockchain are exactly the same. It's just what they deliver, how they can benefit end consumers in the supply chain. That's really, really important. And that's what people should focus on when they look at this. Kevin: Thank you for clarifying that, Ranvir. So, when did you… you know, because blockchain emerged, I don't know how long ago, was it? It was less than a decade, or was it about a decade ago? But what really got my interest was February , Mount Gox got hacked.
What's that all about? And in doing that, I was more interested in the technology and what had been hacked. And in doing that, looking at it and doing a deep dive, I found that there were some very, very good attributes to blockchain. And this would be really, really useful across the insurance industry.
It could radically change how we work across our global insurance industry base. And it has many, many benefits for us. Kevin: So, you… when I look through your career, Ranvir, you have done big companies, you've known small companies. At this stage in your career, why did you decide to jump back in and accept the leadership role at Blocksure?
Ranvir: Why indeed…Why indeed. Sometimes, I ask myself that question. Well, because a leadership role at Blocksure was all about finding the technology, and then saying this can really help in the insurance industry. I know it's going to be a long haul because it's brand-new technology, a lot of people have got to be proven.
But it was a chance to help the industry from which I got a lot out of, put something back into it. But then as I looked at it, there were lots of use cases and things like micro-insurance.
So, helping people from emerging economies, and building insurance for them, which more and more research that I do shows that it's difficult to deliver. But then there's also people who were…lifestyles are changing, don't want insurance the same way. So, it's the… it's the possibilities and the potential to change an industry that I spent a lot of time in, I've got a fondness for, but then helping them to do things slightly differently, and make them more efficient for the end consumer and provide a lot of benefits for those end consumers.
But also allowing them to target niches, where they've not been able to do it so well before. And driving benefits for those. And, micro insurance was something that's really close to my heart. Because my family comes from India. I've been there, I've seen what it's like in the villages and sort of the poverty is there. Now if we can build something, and we have built a product there that can help people get out of that poverty and make them economically better off, then that's something that I'd love to pursue.
So, in sort of summary, it's about transforming or helping to transform an industry that I spend a lot of time in, but then helping consumers in that industry by building better products for them.
Kevin: So, some people might look at blockchain as basically a new kind of platform or infrastructure in which to do transactions, and things like that. But what, actually, does it contribute to making insurance be able to be delivered in ways that it hadn't? Ranvir: So, the first place we have to look at is all the back-office processings that happen across the insurance supply chain. And in this, we've got to sort of look at the relationship between brokers and managing general agents or wholesale brokers and insurers.
And there's a lot of back-office processing, which delays the transfer of information and documents and payments across the value chain. And it slows it down. And things can take months to happen. So, what blockchain does is, it transforms all of that so it can all happen in real time. And by making that happen in real time, one of the things you do, is you take out the cost and the back end so that, either that can be transferred into savings for the consumer, or in the parties involved in transaction can start focusing more on the front end, and how can they deliver better value.
So, it's just a transfer of value from back-end processing into actually sort of service and consumers.
The growing role of blockchain in insurance
Broker facilities are changing the way business is placed in the London market, and can help clients benefit from superior terms, pricing and coverage. But large frictional costs in coordinating data and process between participants, as well as concerns over data security and ownership, are currently limiting the potential of facilities to fully deliver these benefits. For facilities to reach their potential, co-ordination of secure data between all parties is essential. The use of blockchain technology provides the solution that allows participants to operate faster and slicker, but with significant improvements in data quality. Here are the top five reasons why blockchain and SmartContracts are critical to the successful performance of facilities:. Blockchain technology reduces the burden of setting up, synchronising and managing the data critical to establishing contract terms. The technology takes away the burden of bordereaux and spreadsheets and proves an end-to-end audit trail that enables the automation of processes and brings efficiencies beyond the placement of risk.
Lloyd’s syndicate partners with cryptocurrency broker to protect online wallets
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Cryptocurrency Insurance for Businesses
Industry Maturity Index: ' Future '. Why this is important: As digital transformation takes hold, traditional business models will be challenged with new technologies. Blockchain is one of the digital technologies starting to draw attention in the insurance industry. The alliance will explore Blockchain's distributed ledger and how it can be used to streamline paperwork and reconciliations for insurance contracts, while accelerating cycle times and the ability to audit.
Microsoft customer stories
If your organization has decided to diversify its portfolio and invest in cryptocurrencies like Bitcoin, Ethereum and Monero, it is imperative that you consider purchasing cryptocurrency insurance for your business. However, slowly, the insurance industry is warming up to the cryptocurrency market, and some insurers are beginning to write coverage for cryptocurrency into some business policies. HCP National Insurance Services helps businesses secure correct and high-quality insurance coverage for their cryptocurrency — at the best prices possible. Cryptocurrency needs to be stored somewhere, whether in a crypto wallet, on the cryptocurrency exchanges, or in an online platform of some kind. If you lose access to your cryptocurrency for example, if you somehow lose access to your crypto keys or if the business holding your assets goes out of business , then Custody Insurance may save the day. It is likely this Bitcoin will never be recovered.
Cryptocurrency and insurance
Quite a few voices are betting that the emerging blockchain technology will be the greatest revolution after the Internet boom. While blockchain was one of the most popular buzzwords in , there is no doubt that it will continue to feature dominantly in the coming years too. While it is yet to be accepted as a mainstream technology in the insurance sector, blockchain is certainly creating the right amount of buzz. It has great potential for the entire value chain of the insurance sector—from underwriting, payments, claims, back-office functions, and risk capital. In blockchain, each block is a record of new transactions, which could include anything like- the location of cryptocurrency, or medical data, or voting records. After completion of each block, they all are clubbed together to create a chain of blocks, simply known as a blockchain. With a blockchain, people can write entries into a record of information and can control how the record of information is updated.
EY and Guardtime are reducing the risk in global trade by providing a blockchain platform to make marine insurance more transparent and more efficient. Marine insurance has not kept up with the digital era. How many industries can you name that are still based on the same working practices and business models that they had in the 17th century? Despite the wealth of modern technology now available, marine insurance, a critical component of the global trade ecosystem, is still an industry based on the certainty of paperwork, emails, weather forecasts and a large amount of guess work.
Bitstamp, a cryptocurrency exchange, has expanded the insurance offered to its customers with an additional crime insurance policy. The policy covers an array of crime-related cases, such as employee theft, loss while the assets are stored at any premises, loss in transit, loss caused by computer fraud or funds transfer fraud, and loss related to legal fees and expenses. According to Jeff Hanson, senior vice president at Paragon, traditional insurance policies do not translate directly into digital assets. The new policy fit the bespoke requirements of exchanges such as Bitstamp. With the new crime insurance policy supplementing this existing coverage, Bitstamp now offers further protection for the assets it manages on behalf of over 4 million customers worldwide, including assets in transit and assets held in its hot wallets.
Insurance is about information—gathering it, evaluating it, and disbursing or receiving payments based on it. Clearly, an insurer might dramatically improve its results through the application of digital technology. That many insurers have not yet achieved this is a function of an opposing force: the zeal with which most insurers guard their data. When an event requires an exchange of information, most insurers strive to share the least amount possible, in many cases using manual, paper-based processes. But what if there were a technology that changed this?
This episode of The Next Big Think! Blocksure has developed a technology platform that delivers tailored products and schemes for over three billion people across the globe. As a blockchain expert, Ranvir believes that with insurance becoming an embedded feature in our daily lives, blockchain will bring a fundamental shift in the global insurance industry.