by Long Finance and Z/Yen Group,
sponsored by The London Market Group (the International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA)),
Long Finance (January 2017), 16 pages.
An abundance of new technologies and new technology interactions has created the buzz surrounding ‘InsurTech’, the emerging combination of insurance and technology. Smart contracts are an increasingly popular point of discussion as people realise that computer code can be embedded in distributed ledger technology. Yet, smart contracts do not need distributed ledgers and could promote straight-through-processing (STP) in the London wholesale insurance Market with current technology.
This guide aims to give insurance executives an overview of smart contracts that should aid them in discussions about the technology future of the Market. The guide tries to explain the concept, give a taste of the technology and applications, and look to the longer-term risks and rewards.