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Blog written by B3i's Chief Marketing Officer, Ken Marke, on the subject of his experience of data privacy within the Insurance industry. Ken reflects how Blockchain can support GDPR, and how B3i actively seeks to put the customer in control of their personal data.

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It’s been a very exciting couple of years for B3i, on a journey that started in the spring of 2016 at a round table event hosted by Allianz in Munich. At that first meeting I remember having a sense that there may be some real potential in Blockchain but also feeling rather cynical about it. While I can’t speak for the other people in attendance, I doubt anyone was absolutely certain about if and how this new technology would really impact our businesses. For sure we understood the mechanics of the technology, had observed the Bitcoin experiment and had listened to the rhetoric being pedalled by so many commentators, consultants and vendors, but no one was ready to bet the farm.

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Chris Madsen, CEO Aegon Blue Square Re writing for B3i

While (re)insurance has made great strides in process improvements over the past decades, many processes remain largely manual, frustrating and costing members of the insurance value chain. Now, imagine a world where data flows easily where it is supposed to go, and it does so in a controlled and secure manner, setting the stage for increasingly automated transactions and processing.

Further, consider that truly digitalising a process allows it to follow Moore’s Law and thus improve exponentially in terms of processing time and capabilities. Setting the stage for this is therefore a valuable and sustainable endeavour that could benefit insurance value chain members for years and decades to come.

 

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A year ago I shared my initial thoughts around our first blockchain efforts for insurance. Our work at Swiss Re and the blockchain insurance industry initiative (B3i) had just started. I am often asked whether it turned out as expected, so I will try to describe my main takeaways.

 

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