B3i and Commercial Insurance: 1st Kickoff Workshop
B3i has kicked off its first Commercial Insurance workshop in Zürich. As part of the process, we caught up with the team and captured their initial thoughts following the first workshop.
In the interviews, we hear from Antonio Di Marzo (Product Owner, Commercial Insurance) who invites market participants and B3i shareholders to a series of workshops to identify the current pain points across the value chain of Commercial Insurance.
B3i CEO, Paul Meeusen, reflects on the needs B3i heard from the industry to move into Commercial Insurance and to begin prioritising those needs to re-imagine Commercial Insurance on a Blockchain.
Mark Simpson, (B3i commercial insurance community and change management) highlights the importance of people factors in enabling effective change, particularly in an environment of technological, process and cultural transformation.
Why did B3i opt to move into Commercial Insurance following the launch of the Cat XoL product earlier this year?
Paul Meeusen (CEO, B3i)
I believe we are very lucky to have both our customer and our shareholder base very close to B3i, which allows us to work with them intensively and to hear their feedback directly.
We clearly heard the need to accelerate B3i going into the area of Commercial Insurance.
So, I think it's always a matter of listening to priorities, then prioritising, and then realising. It was the voice of the customer asking for Commercial Insurance, but it also made sense for us if you look at excess of loss contract in Reinsurance. There are similarities how both of these types of contracts work.
As part of that realisation is also that we must respond to our customers and shareholders to say, "Okay, we heard what you want. Now we need to continue working with you." And that's why we are now here conducting this first kick-off workshop where we have representatives from the Commercial Insurance market, amongst our shareholders and in the market, who are working with us now to help define what that Commercial Insurance solution should be.
I think that's really a very powerful approach.
What have been your initial reactions to the success of the first B3i Commercial Workshop?
Antonio Di Marzo (Product Owner, Commercial Insurance)
The B3i Commercial Insurance Workshop has been an incredible occasion to gather professionals from all companies, from the market, in one place and to exchange views, experiences and professional perspective across the Commercial Insurance value chain.
We are looking to prioritise what are the pain points and how those pain points are affecting the market. It has been an incredible occasion to have here in Zurich, all these people involved in a neutral environment where these people come as professionals first, with the right combination of experience and willingness to challenge that experience, to try seeking out new solutions, new ways of doing, new operating models.
The workshop articulated it was around analysing the value chain executions from different perspectives.
What are some of the challenges the workshop and the Commercial Insurance market faces?
Mark Simpson (B3i Commercial Insurance Community and Change Management)
I think the challenges come up on a number of levels.
First of all, that can come at an intellectual level. “Do I understand this thing called Blockchain and what could it do for me?”
Importantly, people are at varying levels. There're people that are super informed, people that haven't even heard of it. What can it mean, what could it do?
Often people have either got lots of information and misinformation. So first of all, even understanding that and what could it mean. We've got challenges that our values level. So, our whole beliefs about people. What does this mean in terms of a relationship business point of view. What does it mean in terms of will this challenge the way I interact with people.
What were some of the take-aways attendees of the B3i Commercial Insurance workshop went away with?
There was a level of awareness of people taking away, I understand a bit more about what the technology can do a lot better than when I arrived. But more than that, I understand the end to end process even better.
They've gone away with a level of knowledge and understanding that they didn't have, that they can work with now. They don't need to wait for a product or a service to come along. They were left with greater empathy. They left with an understanding of, this is how I can start to increase the dialogue to increase awareness.
They also left saying, "B3i, there are things that we need you to help us with. So, help us to make the case. Help us to understand what you could do to ease some of the pain points."
Attendees also came away feeling that they can hold B3i to account, to be part of this, as part of this community. And for me, one of the biggest selling points is one of the participants saying, "This isn't about my badge and my company who I work for, this is about being part of a community that can affect change to make the industry better." And quite frankly, I turn up as me not as me working for X and that gives me great heart.
Why a workshop? Why collaborate in a competitive market?
Competition and collaboration is an interesting combination for B3i. What we try to establish is that common ground that we need in the data exchange, in the frictionless risk transfer because rather than inhibiting competition, it will actually allow people to compete more, because when the key risk relevant data is being transferred in a more easier way, people can really get on with what they really best at.
Assessing risk, pricing risk, quoting risk, managing risks.