CHAIN-FINANCE, a provider of news, research & events on Blockchain technologies for global financial services, today announced that its next “Blockchain in Finance” seminar will assess how Blockchain technology might impact the global insurance industry.
Sponsored by Clyde & Co, the seminar is being held in London on May 18, 2016 at the Rainmaking Loft.
Confirmed speakers include Nigel Brook & Lee Bacon – Clyde & Co, George Hallam – Ethereum Foundation, Gary Nuttall – Distlytics, Paul Ferris – ObjectChain, Thomas Bertani – Oraclize, Michael Mainelli – Z/Yen, as well as representatives of Everledger and SafeShare Global Limited.
Clyde & Co is the world’s largest insurance law firm, with a market-leading global cyber coverage and breach response team. Partners Nigel Brook, a member of the London cyber team, and Lee Bacon, an insurance specialist in the International Arbitration team, will discuss the potential for Blockchain and associated developments to impact traditional distribution channels and resolve longstanding inefficiencies and uncertainties in the contractual chain.
Lee and Nigel note that whilst the international insurance markets have been quick to use their traditional structures and models to respond to cyber challenges and losses, the industry is only now seeking to come to terms with the disruptive and revolutionary potential of distributed ledgers to impact how it does business.
The other speakers at this CHAIN-FINANCE event will assess key areas where Blockchain tech could offer benefits for the insurance industry:
Transparency – Blockchain tech first enhances the transparency of insurable goods. If you add a diamond to a Blockchain and track its history then it should be easier to insure and the premiums more accurate.
More Information, More Accuracy, Better Data Security – Blockchain tech offers a method for sharing information with insurers but in a way that is secure. More information that is relevant, validated and actual will offer insurers a better way to “create more accurate products, prices and premiums”.
Real-Time Insurance Contracts – By using smart contracts on the Blockchain, we should be able to devise the first ‘real-time’ insurance product. Using a Blockchain, an insurance product can self-adjust its premium as circumstances or owners change and can automate payouts based on Blockchain verified facts rather than a claims process.
Enabling the Sharing Economy – Another area for Blockchain utility is insuretech. Startups, like Lemonade, Friendsurance and SafeShare are bringing peer-to-peer insurance to market. Blockchain is peer-to-peer by design – so how might that technology enable insuretech businesses?
Attendees will be able to take away valuable insights from an event incorporating speakers and content that address the key issues and innovations for Blockchain tech in the insurance industry.
Online registrations for this event are welcome at http://Blockchain-finance.com/