digital transformation and its impact on insurance...title digital transformation and its impact on...

Session 190 PD - Digital Transformation and Its Impact on Insurance

Moderator:

Albert Jeffrey Moore, ASA, MAAA

Presenters: Srinivas Pulijala

Paul Rivard Matt Stack

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BlockchainSOA – Session - 190

Blockchain: Decoded 29/25/2017

BlockchainWord Associations

Bitcoin

Digital Currency

HyperledgerSecurity

Transformative

Technology

Ethereum

B3i

Paym

ents

Network

Anonymous

Cryptocurrency Transactions

Led

ger

Shared Database

Smart Contract

Internet Consensus

Distributed AppBlockchainExchange

Trade Nodes

Mar

ket

Immutable

Cryptography


Digital TransactionsTechnology we use today!


Digital TransactionsTechnology we use today!

We Trust our Merchants, Service providers / Financial institutions.

We know how they operate and approve of their terms & conditions (Rules).

We feel Secure using their websites (https://) and transacting business online.

We understand transaction/service fees that companies charge.

$

Bank

$

Another Bank

$

Clearing House

Merchant

https://)/


Digital TransactionsChanging Business Models

Building Blocks for Blockchain

Technology

Need for TrustConsensus

Smart Contract

Social MediaPeer to Peer Networking

Technology Advancements

DatabasesSecure Communications

(Cryptography)Internet

Emerging Business ModelCurrent Business Model

Need for an Intermediary

(Trust)

Longer Processing Times

Double Entry Accounting

Reliability of Institutions

(Trust)

BlockchainEmerging Business Model


$

Bank

$

Another BankMerchant

Digital Wallets (Unique Identifier) Business Network

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BlockchainPrimer


Shared Database/ Network

Synchronized Transactions

Secure Smart Contract

Blockchain – Is a multi-tiered technology platform which provides a secure and reliable distributed ledger that can record and orchestrate series of transactions (Block) on a ledger (Chain).

BlockchainPrimer – When to use?


Digital Identity

Provide Transactions

Autonomous Execution

BlockchainHow does this work?




Miners

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Transacting on the network are called “Nodes”.

Identified by their Unique Public Key.

A private key is required to authorize the transaction.

Verify and process the transactions.

Compensated for their services.

Provides “Single” version of the Truth.

Transactions can never be deleted

Built in redundancy which ensures against breach or hacking.

Uses Consensus Mechanism to approve transactions which provides the “Trust”.

Parties Technology



1

21

2

Transactions

Transactions

Block

Trans xxxxxx1

Trans xxxxxx2

Trans xxxxxx3

Trans xxxxxx4

Trans xxxxxxX

Blockchain + Programming language = Smart

contracts

{

if HAS_EVENT_X_HAPPENED()

is true:

send(party_A, 1000);}

BlockchainSmart Contracts

9/25/2017 Blockchain: Decoded 12

BlockchainPotential Insurance Use Cases


digital transformation and its impact on insurance...title digital transformation and its impact on...

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