Hélène Stanway sits down with Kimberley Dondo to discuss how Blockchain will disrupt the industry
What will you be addressing to the audience Insurance 2025 audience and why?
The story of the innovative approach that led to the creation of a world-first blockchain
Why blockchain is a game changer for highly transactional, complex risks
How multi-faceted diversity played a key role in the success.
What problems did we solve and what new opportunities did we create as a result of the introduction of a Blockchain platform
What can blockchain do now insights will you be sharing with delegates during your session?
The core competency of a blockchain or a smart contract is there now. It’s a race for the industry to assess the scale and come on board themselves. From an industry perspective some companies have not even begun the journey of utilising the technology to its full potential. Given what we have seen as the development and opportunity, other companies will get left behind if they don’t start implementing this technology because it has so many benefits.
The benefits are more on the side of the customers as opposed to the insurers, which is the right way to implement a new technology.
I will be sharing 4 key screen shots of the platform – what it does, what it enables, why it changes the conversation between risk & capital at Insurance 2025
Why hasn’t blockchain had more of an impact on the industry?
People! The biggest barrier to all change is ultimately people. To tackle this we lead by example, proving that it can be done, and it can be done with other parties involved. We had a group of 8 people that created this platform. It’s a journey from where they are today through a period of uncertainty and towards an uncertain outcome, which is very different from your normal change management. While using new technology may have a level of uncertainty, you still have to try otherwise you will never get to a position of certainty.
Smaller organisations might feel that they’re too small to go on the Blockchain journey
Lack of speed of decision making
Fear of the unknown, which is consistent with any form of innovation. To truly be successful in innovation you have to in the mindset that your role could be disrupted. If you don’t want your role to be disrupted, then you don’t utilise that innovation. From a blockchain perspective, the tasks that have been disrupted are roles no one wants to do anyway. All the admin and reconciliation which increase timelines is what has been tackled and streamlined.
Why should attendees come along to the conference, where you will share your insights?
Blockchain will only ultimately be truly successful when more and more groups come on board.
It is incumbent on us all to learn and this is a unique opportunity to do so
Hélène Stanway will be at Insurance 2025 event on 4 September 2018, how Blockchain canincrease business volume and lower costs.