SHOUTOUT FINTECHNA

In early 2016, as part of the London Market Target Operating Model Programme (see http://isupporttom.london for details), an initiative began to investigate #blockchain and the opportunity for its adoption in the London Commercial Insurance Market.

When the work started there was limited knowledge (or even awareness) of blockchain across the market and there were, to the best of the author’s knowledge, no active investigation into the #technology by the community.

The intention of the initiative was to increase awareness in the market, generate support for exploring the opportunity, with representation from the broking and underwriting community, and to learn more about it.

A series of Proof of Concept’s (POC’s) were undertaken to explore the use of blockchain – using business processes that provided representative use cases. These were used to validate that it could provide an alternative approach and to explore what benefits it could offer. Additionally, independent research by Z/Yen was commissioned to investigate the potential of smart contracts for wholesale insurance.

It was very timely that, on the same day as the 3rd London Blockchain Week began, a series of reports about the work undertaken were published.  Details can be found here.

[linkedinbadge URL=”https://www.linkedin.com/in/garynuttall” connections=”off” mode=”icon” liname=”Gary Nuttall MBCS CITP”] is Managing Director at Distlytics Ltd