ChainGang Webinar - Blockchain & Insurance: The end, or just the beginning?

2. 2
Webinar 3: Blockchain and
Insurance: the end, or just the
beginning?

3. Today’s Panelists
Simon Phipps
Head of Asia& Cor Devt
TDI
Rick Huckstep
Chairman
TDI
Martin Kornacki
Publisher & Editor
TDI
Parmjeet Kaur
Founder & Head of Research
ITR Connect
Zach Piester
Co-founder
Intrepid
CHAINGANG
Christoph Mussenbrock
CEO & Founder
Etherisc
Ryan Rugg
Global Head of Insurance
R3
PANELIST
S

4. Discussion Agenda
Zach Piester Parmjeet Kaur
• “Industry and Venturing Perspectives”
• “Use cases in action”
Christoph
Mussenbrock
Ryan Rugg

5. Discussion Agenda

6. Questions & Answers
How to participate:
If you have a question please type into the Q&A area
If you have a comment please type into the chat area
Session format:
The moderator will use a combination of his own questions
and those from the audience

7. Ryan Rugg
Head of Insurance
R3

8. 88
Transforming Insurance with R3's
Corda platform
March 2019

9. R3 Insurance Timeline
SEPT. 2015 |
First R3
roundtable held in
NY; attended by
eight banks to
understand
blockchain
DEC. 2015 |
R3 consortium
grows to 42
bank members
NOV. 2016 |
Corda Open
Source GA
JULY 2018 | Corda
Enterprise 3.0
launches with 100%
interoperability with
Corda 3.0 open
source
SEPT. 2015 | Nine banks form a partnership with R3 to design and
deliver advanced DLTs to global financial markets
Jan 2018 | B3i
Migrates to
Corda from
Hyperledger
FEB. 2017 |
Opened: CoE
for (re) Insurers
with ACORD
July 2018 |
RiskBlock Migrates
to Corda from
Ethereum
April 2018 |
InsureWave goes live
on Corda: Maersk,
Willis Towers Watson,
XL Catlin, MS Amlin

10. ***Insurance Members (Non-Exhaustive)
Corda Insurance Ecosystem
R3’s Center of Excellence for (re) insurers has a global presence focused on developing CorDapps for
enterprise use of blockchain technology.

11. Partner CorDapp LOB
Current
Status
Use Case
B3i
Property &
Casualty
(Reinsurance
XOL)
Go-Live : Q2
2019
Focused on building a platform to handle reinsurance contracts on a state of the art distributed
ledger. 1st app slated to go live by end of 2018 covers the core functionality required to enable a
distributed smart contract management system for Property Catastrophic Excess of Loss contract.
Blocksure
Property &
Casualty
(Primary
Insurance)
Pilot Insurance operating system built on Corda by leveraging Acord standards, focused on full life cycle
insurance sales, administration and claims. First live transactions are focused on Commercial and
General (broker) to place all lines of business in general insurance underwritten by the insurance
group Covea Insurance.
Capgemini
Property &
Casualty
(Property)
Phase 2 Industry consortium for the 1st Blockchain (Corda) based solution for the corporate insurance
market in Italy to improve customer service in the risk assessment phase, manage and optimize
negotiation and quotation times, for Property risks (with eventual expansion to other LOBs) .
ChainThat
Property &
Casualty
(Primary,
Reinsurance)
Go-Live : Q4
2018
Part of ChainThat’s integrated and modular Insurance Blockchain Framework (CT-IBF); ChainThat’s
Insurance Accounting and Settlement solution provides management of insurance and reinsurance
technical and financial accounting & supports ACORD Ruschlikon EBOT data standards.
Cognizant Life Insurance
Live
(Developing
phase 2)
Corda-based solution among the Life Insurance IT Leaders Forum (consortium of 13 life insurers in
India) for sharing of key customer claims data in a self-sovereign model to reduce cost, fraudulent
claims and ensure receiving party has latest customer data.
eMali
Medical
Claims
MVP End-to-end solution that addresses current pain points in on-boarding admission,
discharge/payment and claim process for reimbursement.
Built using distributed Corda; allows clinics/hospitals and insurance company to form and maintain
consensus about the existence, status and evolution of a set of shared facts.
Insurance Applications on Corda -1/3

12. Partner CorDapp LOB
Current
Status
Use Case
InsurWave
Specialty
(Marine
Insurance)
Live World’s 1st marine insurance Blockchain platform leveraging Acord standards to support more than
half a million automated ledger transactions & help manage risk for more than 1,000 commercial
vehicles in Year 1 by connecting the end-to-end insurance supply chain over Corda.
TINA
Life
Insurance
MVP End to end administration of life insurance, disability protection and income protection products
using Corda to provide real-time, immutable workflows to ensure all key parties in the relevant
process can complete their actions and view the workflow.
SERENA
Pensions
and
Annuities
MVP Focused on eradicating inefficiencies in pension funds administration through dynamic product
configuration, automating investment management and premium adjustment based on externally
available data, automated integration capabilities with legacy systems and automated regulatory
reporting.
Infosys
Intelligent
Application
Platform
(IIAP)
Property &
Casualty
(Commercial
, Personal
Auto)
MVP IIAP Vehicle Fleet Management solution provides a digital trust framework to build smart contract
based car insurance policies, that incorporates inputs such as telemetry data from IoT sensors
deployed in the car and the policy holder’s driving behavior, determined by machine learning
algorithms to granularly price risk and adjust premium
MIDAS
Property &
Casualty
(Personal
Auto)
Live Corda-based solution to eliminate motor insurance documentation fraud in Hong Kong by providing
an immutable audit history of insurance documents along with real-time updates of policy
information
Insurance Applications on Corda -2/3

13. Partner CorDapp LOB
Current
Status
Use Case
Claims
Management
Property &
Casualty
(Personal
Auto)
MVP NIIT Technologies Limited has developed an insurance sector MVP on R3 Corda for efficient claims
management for automobile industry. With this the insurance fraud can be minimised, efficiencies
in claims processing can be realised through immediate settlement and improved productivity of
Insurance Company, TPA, Surveyor and Auto Service Centre
RiskBlock
Property &
Casualty
(Personal
Lines)
Go-Live : Q1
2019
Focused on building a platform to handle primary insurance contract placement with the 1st use
case on Proof of Insurance (POI) to provide means to transfer insurance information in real-time
across parties to quickly identify uninsured/underinsured motorists.
Vesl
Specialty
(Trade Credit
Insurance)
Pilot Trade credit insurance platform connecting borrowers, insurers and financiers into a single
specialized marketplace where SMEs can access insurance and financing to facilitate pay per
transaction scheme making it simple and more affordable to purchase trade credit insurance.
Insurance Applications on Corda -3/3

14. Global Insurtech Challenge 62Submissions *
16Countries
38Insurtechs
13Insurers
*All numbersareas ofCOBFeb26th

15. r3.com
Thank you
NewYork
11 West42nd Street, 8th Floor
New York, NY 10036
London
2 London Wall Place,
London, EC2Y 5AU
Singapore
80 Robinson Road, #09-04
Singapore, 068898

16. Snap Poll
16
Q. What is the business opportunity for the insurance industry from the R3 Corda
network?
A- major back office cost savings
B - insurance industry wholesale transformation
C - cross industry efficiencies and reduced friction in the value chain
D- new insurance business models can be formed
E- all of the above
Q. Would you like further discussion with this company after today’s webinar (we will
pass on your request for follow-up)?
How to participate:
Just respond to the question when it appears on your screen

18. Zach Piester
Co-founder
Intrepid

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29. Snap Poll
29
Q. Would you like further discussion with this company after today’s
webinar (we will pass on your request for follow-up)?
How to participate:
Just respond to the question when it appears on your screen

31. Christoph Mussenbrock
CEO & Founder
Etherisc

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38. Snap Poll
38
Q. Would you like further discussion with this company after today’s
webinar (we will pass on your request for follow-up)?
How to participate:
Just respond to the question when it appears on your screen

40. Parmjeet Kaur
Founder & Head of Research
ITR Connect

42. Blockchain – Global Analysis ITR Blockchain Map
Version 4.0

43. Blockchain Applied:
P2P Claims OnDemand Ecosystem all feature on the Regional Dashboards
ITR Regional Breakdown ITR Asia Breakdown
ITR EuropeITR North America
ITR Blockchain Regional Analysis
Assumptions : Based on Working Sample from ITR Connect

44. Blockchain Applied:
P2P Claims OnDemand Ecosystem all feature on the Regional Dashboards
ITR Insurtechs By Age Business Model - Asia
Business Model - EuropeBusiness Model – North America
ITR Blockchain Regional Analysis
Assumptions : Based on Working Sample from ITR Connect

45. Blockchain at Work: ITR Blockchain Use Cases
P2P Social Insurance Good Fit
Decentralised processes within a
trusted environment – team voting,
smart contracts etc
Event Driven Insurance Moderate Fit
Data gathered from ‘oracles’ and shared
using blockchain. Fizzy tackles flight
delays.
Disintermediation Good Fit
Black is building a blockchain platform for
brokers and investors to design/deliver
tailored solutions.
Ecosystems Insurawave Moderate Fit
Distributed ledger for the speciality marine
marketplace between brokers, insurers
and reinsurers.
Claims Fraud Moderate Fit
Distributed Ledger storing digital
description of insurable assets to improve
claims management.

46. Snap Poll
46
Q. Where in the value chain do you think Blockchain will have the greatest impact?
1. Product Development
2. Underwriting
3. Risk Prevention
4. Analytics
5. Marketing and Sales
6. Claims
7. Administration and Processing
8. None of the Above – its HYPE!
Q. Would you like further discussion with this company after today’s webinar (we will
pass on your request for follow-up)?
How to participate:
Just respond to the question when it appears on your screen

48. Snap Poll
48
Q. We’ve considered broad industry perspectives and real and live
use cases. Taking all this into account, and being mindful of the
protracted bear market in cryptocurrencies since 1Q18, do you feel
Blockchain in Insurance is at it’s end, or just the beginning?
1. End
2. It’s just the beginning
How to participate:
Just respond to the question when it appears on your screen

49. Reflections

50. LIVEFEST 2019
50
What to do now – apply for
an award!
• Prepare award entries for –
Insurance Innovation and Startup
InsurTech’s. Applications Open!
• Insurers – apply for the LIVEFEST
Knowledge programme (it’s free !)
• Save the Dates and Login with TDI
credentials to participate live or view
on-demand
• LIVEFEST 2018 session recordings
and summary also available in the
LIVEFEST Zone

51. Post webinar activities
Recording will be emailed to registered participants
Please give us your feedback and participant suggestions
If you would like to follow-up with any of the panelists
simon.phipps@the-digital-insurer.com
rick.huckstep@the-digital-insurer.com
martin.kornacki@the-digital-insurer.com
parmjeet.kaur@itrconnect.com
zach@intrepid.ventures
christoph@etherisc.com
ryan.rugg@r3.com
 Join or next webinar on 30th April- AI Powered Insurer: https://www.the-digital-
insurer.com/event/ai-powered-insurer/

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