Lloyd’s of London Looks to Blockchain to Reduce Friction in Insurance Market

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On 18 November a seminar, hosted by Lloyd’s, brought together successful technology entrepreneurs and leaders from the London insurance market to debate the risks and rewards of technological disruption drawing insights from other companies and sectors which have already embraced technological change. Blockchain technology was certainly on the tongues of participants – and there was talk about how to take the London Market (major international insurance market) –  to use blockchain technology to improve data access and reduce costs associated with administrative paperwork.
 
Financial technology presents huge opportunities for how the London insurance market operates in the future. 
 

The event was chaired by WIRED magazine editor David Rowan, with contributions from Alastair Lukies from Innovate Finance, Justin Emrich, CIO at Atrium, Hank Uberoi, CEO of Earthport, Michael Mainelli, Executive Chairman of the Z/Yen Group, Aldo Monteforte, CEO, The Floow and Rhydian Lewis, CEO, RateSetter.

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The world is transforming at an unprecedented pace being propelled by the forces of rapid technological advancements and globalisation. Embracing change and new technologies is absolutely critical to the insurance industry’s survival.

“At Lloyd’s we have always prided ourselves at being at the forefront of innovation in insurance. With London at the heart of the FinTech revolution, we are ideally placed to once again lead the way.”

– John Nelson, Chairman, Lloyd’s

 

In practical terms, the seminar engaged stakeholders with the long-term technological opportunities which enhance the new target operating model for the London market, known as TOM  (Target Operating Model). TOM seeks to build on current market practices whilst factoring in the most effective and appropriate use of technology possible and
 is a core component of the Market Modernisation proposal, set out by the London Market Group (LMG), to improve the ease of doing business in the London Market, locally and globally. Download the TOM document here.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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