commercial insurance and blockchain
TRANSCRIPT
London Insurance MarketA market overview and how Distributed Ledger / Blockchain Technology could does fit
Gary NuttallDistlytics LtdMay 2016
Please read the small print…
This presentation reflects my personal views and is not intended to reflect the views of past, current and prospective
employers, clients or other agents
It’s intended as a simplified overview!
AGENDA
What is “Specialist Lines” Insurance ?
How does it work ?
Where will Distributed Ledger / Blockchain work?
General InsuranceConsumer/Small BusinessHome – Buildings & Contents
Property – Motor, high value items, mobiles, electronicsLife, Travel
Accident/Health/Medical
Distribution:Direct
Aggregator
General Insurance (data from ABI 2015 Report)
Specialist Insurance
Specialist Insurance
Specialist Insurance
Specialist Insurance (LMG/BCG London Matters Report, Nov 2014)
Specialist InsuranceKey features:
• Large capital reserves to cater for major claims & catastrophe events
• Exposure/liability often “long-tail”• Complexity reduces ability to commoditise• Emerging risks – uncertain/unknown problems• Requires risk pooling/sharing
Specialist Insurance (LMG/BCG London Matters Report, Nov 2014)
Lloyd’s of London
How does it work ?Lloyd’s
Underwriting
Accounting &
Settlements
ClaimsClient
Broking
How does it work ? Lloyd’sUnderwrit
er
Broker
Underwriter
Claims Mgt
Broker
Underwriter
Underwriter
Underwriter
Broker
How does it work ? Lloyd’sUnderwrit
er
Broker
Underwriter
Claims Mgt
Broker
Underwriter
Underwriter
Underwriter
Broker
It’s already P2P!
Challenges…(1) Paper
But…
Challenges…(2) Tried to modernize before
When can Blockchain be used?A few things to be aware of……
When can Blockchain be used? (from LM TOM consultation)
When can Blockchain be used? (from LM TOM consultation)
How will it work ? Conclusion….
The Market is already aligned with P2P There are many opportunities across the value chain
THANK YOU!Q & A
USEFUL RESOURCESwww.distlytics.com
Gary NuttallEMAIL: [email protected]: @GPN01LINKEDIN: https://uk.linkedin.com/in/garynuttall