Slide 1

Mutual Distributed Ledgers

Professor Michael Mainelli, Executive Chairman, Z/Yen Group

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tel: +44 (020) 7562-9562
web: www.zyen.com
address: 41 Lothbury
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United Kingdom 

PwC – Academy Sponsor

PwC’s purpose is to build trust in society and solve important problems. PwC is a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. PwC’s distributed ledger, blockchain team have been working with numerous clients to explore this technology and developed a number of Insurance proof of concepts (including for the Chain Reaction study described on page 1).

Find out more at http://www.pwc.co.uk/industries/financial-services/blockchain.html

PwC’s contributions include:

  • provide support for framing and taking PoC decisions by confirming technical scope for PoCs, defining technology, suggesting provider options and target timelines, and, where appropriate to the PoC, provide a sandbox testing environment;
  • provide up to 100 hours of senior expert advice on key topics including market practice, regulation, legal, tax, compliance, risk, internal audit, and up to 200 hours of research into specific topics of technical or business interest to provide a viewpoint or white paper;
  • provide shared document environment and wider collaboration infrastructure, e.g. wikis, code repositories, document repositories, issue tracking, conferencing setup, and access to Technology Blog, research into different Fabric Tools and access to lab slack channels;
  • support communications, marketing and design, e.g. infographics, website and contribution of facilities for meetings and refreshments.

 

Z/Yen and PwC invite participants in the insurance market to join the InsurTech Academy, to explore areas of common interest in MDLs and related new technologies. 

The core question is “how can InsurTech enhance wholesale and retail insurance and reinsurance”.  The four themes are:

  • expanding frontiers - develop and publishing thoughts on common insurance applications of MDL technology, cognitive computing, big data, robo-advisors, and the internet of things;
  • changing systems - provide evidence-based examples on where insurtech does and doesn’t work in wholesale and retail insurance, and what policies, standards, or other initiatives might speed appropriate adoption;
  • delivering services - such as standards, common technology bases, training, and shared demonstrators;
  • building communities - engaging wider stakeholders (regulators, trade bodies, customers, suppliers) through meetings, networking and events, including conferences and training using collaborative tools.

The InsurTech Academy has an immediate practical agenda to identify MDL applications for which there is a positive business case at firm level and to obtain cross-firm agreement for implementation.  In the first instance the collaboration would produce the following outputs:

  • definition of high-level functionality for each of the three target applications;
  • a high-level business case for each application, based on the benefits accruing versus implementation costs at firm level, together with the central development costs;
  • a high-level proof of concept; as discussed above, this would probably be an MDL which handled general document storage;
  • supporting ICT infrastructure that members can share;
  • such other outputs as the members prioritise within the initial budget.

The Academy will also provide a programme of training, round tables, and other events to assist participants to bring their key staff members up to speed on the capabilities of the new technology and to develop and share ideas.  We have scheduled four roundtables on advanced technology integration and four on security already.

The intention would be for the collaboration to identify applications with positive business cases and to support their implementation.  Members would have to commit to attend or otherwise participate in governance meetings and decisions, and to contribute to the scoping exercise for the applications.  

Membership is global and open to all brokers, underwriters, reinsurers, trade bodies, and regulators involved in insurance.  One global bank has asked to be an observer in exchange for funding.  Membership provides access to all of the forums, publications, demonstrators, and technical outputs to be produced by the collaboration. 

 For further details on joining the InsurTech Academy click here.