UK Insurance Trade Body LMG to Investigate Blockchain Technology

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London Market Group (LMG) announced today that it is sponsoring a research project designed to investigate the potential for ‘insurance contracts of the future’ – helping contract participants reduce the friction and uncertainty of the current administrative processes.

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The LMG is a market-wide body, bringing together the specialist commercial (re)insurance broking and underwriting communities in London.  It is supported by the International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA). 

Well known London Blockchain think-tank Z/Yen will lead the research, working with the London Market Target Operating Model (LM TOM) to bring together a range of wholesale brokers, insurers, re-insurers and transaction processing organisations to create a common view of the potential benefits that smart contracts could bring.

The study will look both at enhancing existing processes, and at the future potential of new products and processes taking full advantage of the capabilities of smart contacts running on mutual distributed ledgers (Blockchains).

Justin Emrich, CIO of Atrium Underwriters and sponsor of the innovation workstream within the LM TOM said:

“There is significant hype around Blockchain and smart contracts these days. It is the ‘next big thing’ according to the technology world, so we have commissioned Z/Yen to assist us all in understanding the potential application of these technologies in wholesale insurance.”

Professor Michael Mainelli, Executive Chairman of Z/Yen, added:

“We are delighted to have been commissioned to undertake this research. The London wholesale insurance community is thinking ahead about a combination of new technologies that could transform the way we do business with clients, rather than just leaping on the Blockchain bandwagon”.

The study will be published before the end of 2016. An additional output will be a “Simple Executive’s Guide To Smart Contracts” aimed at enabling insurance professionals to understand better the underlying technology capabilities and begin discussing what this new technology could bring by way of rewards, and risks.

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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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