blockchain for insurance industry
TRANSCRIPT
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©X.Rattakorn
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Wave of Digital Disruption
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What’s wrong with this statistics?
© X.Rattakorn NIDA 2017
4
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Unicorn “unicorns”—private companies valued at $1 billion or more.
The billion-dollar technology startup was once the stuff of myth.
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Business Section
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“
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• Blockchain is a very special kind of distributed Database
• Peer network node data stores are systems allowing users to replicate and share files across a network
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Update data concurrently
Claim
Actuary
Accounting
Manager
What’s the right one?
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Google Sheet
Actuary Accounting
Claim Manager
o On cloud services o Public View o Trusted Networks o Overridden Content o Unauthorized Update o No Tracking version o Controlled by a single entity. o Single point of failure.
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“
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• Blockchain is leverage cryptography to provide a decentralized multi-version concurrency control mechanism and to maintain consensus about the existence and status of shared facts in trustless environments
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Auto-Sync with Trusted
Actuary Accounting
Claim Manager
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How blockchain work?
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Benefits of Blockchain
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CHANGE THE WORLD Shared public database without any central authority or party
responsible for its maintenance and improvement.
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Interbank Payment Operations
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Digital Currency Market
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Enterprise Letter of Guarantee on Blockchain
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SCB invests in blockchain tech leader, Ripple
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Case Study Thailand National Health Services
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Current EMR Architecture
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Current EMR Architecture
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EMR : Solution #2 : Enterprise Service Bus
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EMR : Solution #3 : Blockchain
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Global Insurance With Blockchain
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If Blockchain technology proves viable, it could well streamline paper work and reconciliations for (re-) insurance contracts and accelerate information and money flows, while greatly improving auditability.
Blockchain offers huge potential for enabling digital contracts and transactions amongst multiple parties to be executed in a secure, transparent and auditable way. Streamlining communication and transactions would subsequently improve industry processes and provide better insurance services to customers
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B3i
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Benefits B3i
• Platform Solution to exchange (re-) insurance information
• Standardize & Compliance
• Distributed ledger (Block chain) – Smart Contract
– Payment
– Cryptography (secure and private)
• Covers the major elements of the Property Cat XL reinsurance contract life cycle (i.e. smart contract setup, premium settlement and claim settlement).
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Blockchain InsurTech
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Digital Transformation For Insurance
Robot Claim Assessor
Digital Policy
Digital Payment
Global Policy Blockchain
Authenticity Receipt
Blockchain
Payment Blockchain
Insurance: Digital Transformation
E-Commerce
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Insurance Policy’s Block Chain
Insurer
Insurer
Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
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Blockchain Insurance Policy
Insurer
Insurer
Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
Policy
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Replication of Traditional Policy
Insurer
Insurer
Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
Policy
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Replication of Digital Policy
Insurer
Insurer
Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
Digital Policy
o Policy Viewer o Benefits FAQ o Provider location o Claim Status o Renewal Alert o Digital Payment o Discount Point o Reward Program o Friend Promoter o Shared Pool
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Regulator Audits & Research
Insurer
Insurer
Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
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Reinsurer Risk Accumulation & XL Stat.
Insurer
Insurer
Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
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Insurance Claim’s Block Chain
Insurer
Insurer
Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
P o l i c y C h a i n
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AI Claim
Insurer
Insurer
Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Reinsurer Cluster
Regular Customer
P o l i c y C h a i n
#1 Claim History for Automate Claim
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Payment Platform (Cashless)
Ecommerce
Mobile
Telecom
Digital Bank
Digital Currency
Social/Chat
Startup/ Others
Jeaw
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Bank of Thailand: QR Code Standard
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Payment’ Block chain
Insurer
Insurer
Insurer
Broker
Broker
Millennial Customer
Agency
Regulator
Regular Customer
P o l i c y C h a i n
#1 Credit History for Insurance Lending
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