The Lloyd’s Thought Leadership event on 26th April focused on blockchain and its diverse applications in the insurance market and other industries. Blockchain is already being considered as part of the London Market Target Operating Model (TOM). Click here to read more about Blockchain technology in the insurance market.
Helen Crooks (TOM Data Integration Champion and Chief Data Officer, Lloyd's opened the event with a thought provoking question about the long-term adoption of developing technologies in the years ahead. GaryNuttall (Consultant, LMG TOM) explained that block chain could radically change the way we do business. He described that blockchain is a write-only database that everyone has an identical copy of. All the entries in the blockchain are timestamped and cryptographically secured, which makes a perfect audit trail, eliminates the need for reconciliation and ensures data security.
Mohamad El Boudi (Founder, Trace) spoke about how blockchain could transform the fine art market. He outlined that blockchain may result in more efficient claims processing and potentially more items to insure.
Calogero Scibetta (Operations and Business Development, Everledger) spoke about the importance of blockchain technology in the diamond industry. Blockchain could help track the ownership of high value goods and increase the transparency in legal proceedings.
It was clear that blockchain has many application across a diverse range of industries such as art, luxury goods and financial sector. The insurance market could potentially benefit from the emerging technology to bring about better quality and accessibility of data and reduce the associated costs.
6th May 2016