Blockchain Simplified (Part 2)

Blockchain Simplified (Part 2)

[This is a multi-part series covering blockchain technology and its transformative impact on the insurance industry. In part 1, we reviewed the WHY and WHAT of blockchain. In part 2, we discuss smart contracts and their implications on the entire insurance value chain.]

The concept of smart contracts dates back to 1994, when Nick Szabo – a cryptographer widely credited with laying the groundwork for bitcoin – first created the term “smart contract.” A smart contract is essentially a computer program set up with all the conditions agreed to by the parties involved and can automatically execute the terms of a contract. Like normal contracts they help you exchange money, property, shares, or anything of value but do so in a transparent, conflict-free way while avoiding the services of a middleman. For example, pharmaceutical and medical device companies have used software programmed with a contract’s conditions to monitor ERP and other systems and issue rebates and chargebacks depending on their sales channels meeting or exceeding certain conditions.

Lewis FarrellBlockchain Simplified (Part 2)
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Blockchain Simplified (Part 1)

Blockchain Simplified (Part 1)

[This is a multi-part series covering blockchain technology and its transformative impact on the insurance industry. In part 1, we review the WHY and WHAT of blockchain. In part 2, we discuss HOW this new technology can potentially revolutionize insurance.]

Like many articles touting to explain blockchain, it would be easy to just dive straight into the technology, but that would be a disservice. It would not address the larger question of “Why” – Why is blockchain suddenly so hot? Why is it being touted as the next “Big Thing”?

Lewis FarrellBlockchain Simplified (Part 1)
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How is CSAA using disruptive trends, technologies, & partnerships as catalysts for innovation?

How is CSAA using disruptive trends, technologies, & partnerships as catalysts for innovation?

Marik Brockman - Vice President Strategy & Innovation - CSAA

Featured Speaker

Marik Brockman, Vice President Strategy & Innovation, CSAA

Presentation Synopsis

Mega trends including changing economies, demographics, customer expectations and values, and emerging technologies such as mobile, big data

SVIAHow is CSAA using disruptive trends, technologies, & partnerships as catalysts for innovation?
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Why is Munich Re recruiting startups to disrupt customer engagement?

Why is Munich Re recruiting startups to disrupt customer engagement?

Andrew Rear , Chief Executive, Digital Partners, Munich RE

Featured Speaker

Andrew Rear , Chief Executive, Digital Partners, Munich RE

Presentation Synopsis

As an industry we don’t design for our customers, we design for ourselves. That has to change. We have to learn to design for how customer see their needs, and how they live their lives. InsurTech startups understand that and by working with them we can accelerate our ability as an industry to make insurance something people want, something that is relevant, accessible, and easy to use.

SVIAWhy is Munich Re recruiting startups to disrupt customer engagement?
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