Approximately 200 blockchain experts and enthusiasts from 16 countries were hosted at the Swiss Re Centre for Global Dialogue by Andreas Schertzinger, who leads Swiss Re's Reinsurance Technology Initiative, to discuss blockchain's potential for the insurance industry.
The Co-Founder, Bloq and Founding Partner at Tally Capital hosted a breakout session at the Blockchain conference: How insurers are building up trust by breaking down barriers at the Swiss Re Centre for Global Dialogue.
The Director of Finance Global Business Solutions, Swiss Re gave an update on the Blockchain Insurance Industry Initiative (B3i) at the Blockchain conference: How insurers are building up trust by breaking down barriers at the Swiss Re Centre for Global Dialogue.
Swiss Re's Head of the Reinsurance Technology Initiative talks about the steps the firm is taking to realise blockchain's full potential at the Blockchain conference: How insurers are building up trust by breaking down barriers at the Swiss Re Centre for Global Dialogue.
Information has been the lifeblood of businesses during this century, and corporates have evolved over the last two decades accessing, processing and monetising exponentially growing volumes of data. It has also exposed new risks around trust, security, transparency (or lack thereof), privacy and related trade-secrets. The global economic slowdown following the 2008 mortgage crises in the United States highlighted the risks of information asymmetry prevalent in financial services leading to abuse of unilateral trust that had been placed with certain fixed income securities market makers. The post 2008 world has seen a great deal of regulatory clamp-down and oversight in terms of compliance and reporting overheads. It also led to the creation of alternate systems of information management that natively manifest multilateral trust and transparency, called blockchains.
Blockchain technology has infinite possibilities. Since Satoshi Nakamoto published his white paper on bitcoin, a cryptocurrency housed on a decentralized database, the idea of blockchain technology has captured the minds and imagination of entrepreneurs and business leaders around the world.
The world is on the brink of an important socio-technical revolution involving freedom advocates, FinTech, as well as dark markets customers and drug dealers. The criminals, as well as the academics, are an important part of the revolution. Or more precisely, an evolution, as it may take a while for us to fully understand the implications of the technology's wide-ranging capabilities. The single keyword for this new evolution is the blockchain. From the technical standpoint, blockchain technology is relatively simple, although it required a number of breakthroughs in peer-to-peer technology, cryptography, as well as the existence of the Internet itself. We still have many technical issues to resolve. And in fact, it is the dark side that drives some of the innovations forward.
The exciting potential of big data also raises ethical questions, especially around data protection and privacy. Jennifer Parets, Chief Compliance Officer, Swiss Re, spoke at the 4th Swiss Re Symposium on Data Protection.