Insureblocks

Dr. Denise McCurdy, Blockchain Governance Advisor at Grove Gate Consulting along with Tom Fuhrman, Blockchain & Cybersecurity Consultant at Vector MV, join us in this podcast to discuss the challenges of adopting blockchain from a governance and risk standpoint.

Denise is a blockchain governance advisor who has written a doctoral dissertation on blockchain with a special focus on supply chain and governance. She’s also the VP of blockchain governance for a supply chain and logistics startup.

Tom Fuhrman is a blockchain & cybersecurity consultant specialised in cybersecurity consulting for the last 25 years. Recently he has extended his scope into blockchain consulting, where he focuses on strategy, governance, risk management, and specifically looks at the intersections between blockchain and cybersecurity.

 

What is blockchain?

For Denise, blockchain is a database shared across a network of computers. As a record or block gets added to that database the blocks are chained together. Records on the blockchain are very difficult to change because each block has a hash which refers to the previous block. So, any change of a block requires a change of the entire chain. It is this attribute of blockchain which makes it very secure.

For Tom, blockchain is a shared, continuously updated immutable database. It represents a single source of truth amongst trustless participants. As Tom is a cybersecurity expert he believes that blockchain inherently has two of the three attributes that cybersecurity requires:

* Integrity because of its immutably nature

* Availability because it is distributed

* Confidentiality isn’t something that blockchain has inherently but it can be added with encryption

Tom also reminds us that blockchain exists in two basic design philosophies: public permissionless and private permissioned. Permissionless is most famously known via Bitcoin where anyone can participate at any level. Everything is decentralised and transparent in a trustless environment.

A permissioned blockchain has a restricted access. It isn’t as decentralised and they require a certain degree of trust.

 

What is governance and its impact on blockchain and its members?

Governance is about agreeing upfront the rules and the processes and what to do when things go wrong. It’s a system of rules that helps govern an ecosystem of players in how they can interact.

Whilst working on her dissertation Denise started to interview supply chain business people who were trying to deploy a blockchain solution. During her interview she kept hearing that it isn’t about the technology but instead, a real lack of clarity around how firms need to work together much more closely than they're used to doing due to the nature of blockchain. What her interviewees were expressing was the need for a governance framework, or playbook.

Blockchain impacts its members because they now have to share business processes, confidential information and intellectual property. It’s synonymous to them having to expose the underbelly of their organisation in ways that they haven't had to do before.

This closeness of sharing sometimes blurs the lines in their eyes of where their company ends and others begins. For many this is a cultural shift which many companies are not used to.

For Denise one of the key governance challenges is understanding the amount of changes that people and firms are going to have to do.

 

Collaborative governance as a key mechanism to removing obstacles

Collaborative governance is a particular type of governance that in Denise’...

Michael Shea is the Managing Director of the Dingle Group and the Chair of Sovrin Foundation’s SSI in IoT Working Group. In this podcast we discussed the white paper he authored on Self Sovereign Identity and IoT. To explain the opportunities SSI can provide to IoT, Michael introduces us to three profiles: Jamie (machine to person), Bob (machine to machine) and Bessie the cow (digital twin).

 

What is blockchain?

Blockchain is a decentralised database, which is cryptographically secured and immutable. The decentralised part means that it operates in a wider ecosystem than traditional ones, that sits within corporate firewalls, which gives it greater resiliency and redundancy.

The cryptographic component along with the different proof of work, resolve the double spend problem and bring a level of assurance that transactions have not been modified.

 

An introduction to Self-Sovereign Identify (SSI), Decentralised Identifiers (DID) and verifiable credentials.

Self-sovereign identity is an identity model, where an entity is in control of its own identity and information related to it. SSI as a concept started to take shape in 2016 with Christopher Allen’s 10 principles of self-sovereign identity. In December 2020 the Sovrin Foundation released its 12 principles of self-sovereign identity, which fundamentally is about an entity’s ability to control the information about themselves.

Decentralised identifiers (DIDs) is a pointer to the identify information known as a DID document that helps to create the trust layers within SSI.

A verifiable credential is a cryptographic bundle that is created by an issuer of a credential such as the DVLA for a driver’s license. That credential includes attributes stating that the driver is legally entitled to drive a vehicle and it may contain other pieces of information such as your address and other details. A cryptographic bundle is signed using the public private key of the issuer in this case the DVLA which is then returned to the holder of the driver’s license. That holder can then use that credential to a verifier to indicate his/her authorisation to drive a vehicle.

 

Internet of Things (IoT)

Machine to Person

Machine to person is where a device is interacting with an individual. The machine can be attached or worn by a person and is measuring some aspect of the person's personal or physical environment and transmitting this data directly or indirectly to a connected device. For example, a person with diabetes would have a sensor that is attached to their body reading their glucose level and communicating the data to an app on a smartphone or a separate physical device.

 

Machine to machine

Machine to machine is the communication between an IoT device and a computer, smartphone or device. Using the above analogy, the machine is the device or the smartphone speaking up to a central repository for transmitting that information to an endocrinologist on behalf of the patient.

 

Digital twins

A digital twin is a virtual digital representation of a physical object. That can be a person, an animal, or a thing.

Siddhartha Jha is the Founder & CEO of Arbol, an insurtech platform for parametric products that uses blockchain, big data, machine learning and smart contracts to bring transparency and remove delays and disputes of traditional insurance policies. In this podcast we revisit parametric insurance to discuss why it is now poised for new growth potential thanks to increased availability of granular data, improved technologies and attraction of non-traditional capital.

 

What is blockchain?

Blockchain is a system of distributed consensus. Instead of having a central authority determining when a transaction takes place, or when a particular event has taken place, you have a distributed consensus around that event or transaction taking place. Blockchain allows for immutability and allows for a tamper proof environment where different parties can agree on something happening without a central coordinating authority.

 

What is parametric insurance?

Parametric insurance uses data to make a loss assessment instead of having a human check the level of damage from an event and pay based on a subjective loss estimate. Parametric uses data sets as it’s index and a trigger to make a payment.

Sid uses an example of a farmer who takes an insurance policy for $100,000 if he/she doesn’t receive 3 inches of rainfall on his farm. Such parametric insurance changes insurance from this subjective loss assessment process, which can be filled with delays, disputes and sometimes fraud to one where once a trigger is generated an automatic payment will happen.

This creates a great customer experience where there is greater transparency and peace of mind. From an incumbent insurer standpoint, the simplicity of parametric leads to scale and reduce costs. They can avoid relying on loss adjusters, managing different claims process and legal costs as we’re now seeing in business interruption contracts due to COVID.

From a regulator perspective, Sid believes regulators could get interested in parametric insurance in its ability to fulfilling many gaps in the traditional insurance system:

* Covering high deductibles

* Where data sets are becoming richer to provide new innovative parametric insurance as it removes the proving of burden of loss from the customer to the data set

 

Why has parametric insurance not scaled yet?

Parametric insurance has been around since the late 1990s but hasn’t quite scaled yet. Sid believes there are a number of reasons for that:

* Availability of granular data sets

* Technology and processing power can be an issue for processing simulations. For example, Arbol can process 40,000 – 50,000 simultaneous weather simulations to price an entire basket. This would have been very difficult 10 – 15 years ago with the available computing power back then.

* Customers are only now becoming comfortable and familiar with parametric insurance

 

Blockchain and parametric insurance

Very often companies who offer parametric insurance using blockchain are challenged on whether or not they needed a blockchain. Sid believes that if you’re running a simple parametric insurance for one product in one region you don’t need a blockchain. A simple SQL database will be sufficient.

Operating across a large number of regions, especially in regions where trust levels for institutions and insurance companies can be very low, blockchain can help.

The decentralised nature of blockchain means you can have a data infrastructure which is decentralised. Something that Arbol has embraced since day 1. What this means is that when a payout happens a customer can know that Arbol had no cont...

Frank Lu is Head of Ping An Blockchain Technology at OneConnect Smart Technology, a subsidiary of Ping An. Previously to Ping An, Frank Lu was one of the original founders of Hyperledger Fabric. In this podcast we discuss the different approaches to blockchain and the advantages of creating encrypted data networks for data privacy, cross validation of data and ability to run business logic on encrypted data.

 

About Ping An

Ping An is a Chinese holding conglomerate with 30 subsidiaries that mainly deal with insurance, banking, and financial services. The company was founded in 1988 and is headquartered in Shenzhen. "Ping An" literally means "safe and well".

Ping An ranked 7th on the Forbes Global 2000 list and 29th on the Fortune Global 500 list.

The company is considered to be China's biggest insurer, with US$107 billion in gross premium income in 2018. Its market capitalization is at US$220 billion in July 2019, making it the world's largest insurer except for Berkshire Hathaway.

Frank’s subsidiary, OneConnect Smart Technology, is mainly responsible for financial services. Frank heads the Technology Division for blockchain which is responsible for PingAn’s blockchain across the conglomerate.

 

What is blockchain?

Blockchain is a shared ledger technology which provides a single source of truth to all participants on a blockchain. It’s a way for different participants to be able to manage and work on the same data source. Every time a change is done to the data source, all participants will have visibility of that change. It has features which makes it immutable thus ensuring any attempts to delete a record or change a record will get noticed by the other participants.

 

Frank’s journey to blockchain

Back in 2013, Frank was part of the IBM WebSphere Strategy Team. His team was working on gamification technology which involved using coins and badges as game elements to motivate a workforce. In 2014, The project was pivoted to a mobile gaming backend as a service working for Jerry Cuomo.

At that time Ethereum hadn’t yet launched but had published the Ethereum whitepaper along with a few lines of code which attracted the interest of the team Frank worked at. They investigated the Ethereum whitepaper to determine how they could use it for their gaming backend work.

Based on the mobile gaming backend work a new project was launched, initially called “Blue Chain” that received $1m to explore blockchain solutions. John Wolpert was invited to lead Blue Chain and Richard Brownwas also invited to participate in the project.

Initially the plan was to avoid having to start from scratch in building a blockchain solution. They looked at the possibility of partnering with Ethereum to bring their technology to the enterprise market. However, due to internal politics it was decided for IBM to build their own blockchain solution. The Blue Chain initiative was then called Hyperledger Fabric. In December 2015, Hyperledger Fabric was formerly launched under the auspices of the Linux Foundation.

In early 2016, PingAn convinced Frank to join them.

 

PingAn’s blockchain technology

Gustav Strömfelt is Project Manager at the World Food Programme & New Venture Consultant. In this exciting podcast we discuss some of the blockchain work the United Nations World Food Programme (WFP) has been conducting over the years including Building Blocks and collaborations with other UN agencies such as UN Women.

 

Winning the Nobel Peace Prize

Winning the Nobel Peace Prize represents for Gustav an important spotlight on the importance that food has towards global peace.

Awarding the 2020 Nobel Peace Prize to WFP, the Norwegian Nobel Committee described the link between hunger and armed conflict as a vicious circle in which “war and conflict can cause food insecurity and hunger, just as hunger and food insecurity can cause latent conflicts to flare up and trigger the use of violence.”

The Nobel Peace Prize gives WFP recognition “for its efforts to combat hunger, for its contribution to bettering conditions for peace in conflict-affected areas and for acting as a driving force in efforts to prevent the use of hunger as a weapon of war and conflict.”

Gustav feels very humble and proud to be part of an organisation of 18,000 people, their partners and donors who all work together to ensure that the 690 million people who are hungry worldwide do not go to bed worrying about where they’re going to get their next meal.

 

What is blockchain?

A its core, blockchain is a fancy accounting technology with some interesting bells and whistles. From his perspective, Gustav sees blockchain as an amazing way to ensure a unified vision of the truth across participants in an ecosystem. This creates the opportunity for consensus to be shared between organisations that’s effectively coded into an underlying platform.

From an application standpoint it opens huge opportunities for collaboration and cooperation for use cases that considers the needs of an ecosystem and a common customer. Whether that’s a specific good that’s passing through a supply chain or an individual receiving tokens.

Blockchain is a great way for the WFP to drive transparency, consensus and a unified vision of the truth.

 

About the World Food Programme (WFP)

Created in 1961, the WFP’s purpose is to eradicate global hunger because one in 11 people worldwide doesn’t have enough to eat.

The United Nations World Food Programme (WFP) is one of the largest UN agency with 18,000 employees serving 138 million people worldwide across 83 countries. Every year the WFP gives out 15 billion food rations and $30m in cash. At the moment the WFP is probably one of the largest operating airlines in the world with over 100 aircraft along with 30 ships, 5,500 trucks actively moving goods and people to deliver humanitarian responses around the world.

 

The World Food Programmes Building Blocks

Houman Haddad, is the founder of the WFP’s Building Blocks which launched in 2017 as part of their Blockchain for Zero Hunger initiative.

What Houman realised was how inefficient cash transactions are from the creation of beneficiaries accounts to the way transaction are performed.

The majority of cash delivery processes in humanitarian organisation...

Susan Joseph is the CEO and co-founder of HealthTrends.ai, a trusted third party delivering ongoing authoritative health data that's independently auditable and has legal weight. In this podcast we discuss the challenges the US Health Sector has regarding collection and distribution of health data and what role Smart COVID data on the blockchain can have to help fight the pandemic.

Susan is both a consultant and attorney with startups and enterprises in a variety of settings, including financial services, data usage, ESG, and digital assets. She is also a consortium advisor to the Mining and Metals Industry Blockchain Initiative and is the Executive Director of Diversity in Blockchain, a 501(c)(3) entity that provides education and resources to support diversity and inclusion in the blockchain space.

 

What is blockchain?

Susan views blockchain as a communications network layer on top of the internet that allows direct peer to peer transactions. To accomplish this, it requires cryptography, incentives such as game theory, other economic incentives, and computing power. It can be applied to a wide range of transactions from anything such as currencies to data usage which is where HealthTrends.ai jumps in.

In our previous podcast together entitled “Innovation & diversity in the Insurance Industry”, Susan had a more technical definition of what is blockchain. Now she views blockchain more as a social, political, economic and computing tool.

 

Challenges the US Health Sector has regarding collection and distribution of health data

The quality of public health data that is available to collect and act upon is the first defence at the beginning of a pandemic. The current pandemic has demonstrated that the manner in which the US captures public high quality health data, with which to make hard decisions, has been a stress test on every aspect of its healthcare system. That type of data, whilst published, is not easy to access, sort and aggregate thus making it really hard to make decisions in a timely manner in its current published form.

In the US, every state is charged with issuing out public health information and publishing it. But they're not told how to publish it and in what form to make it available. They just put it up on their website in an unstructured manner. This creates challenges on downloading active data in a timely fashion.

Every state has in a sense, their own standard to the data, making it difficult to have a uniform dashboard where data is easily aggregated or sortable.

The data that the states are publishing has legal weight. It is important to recognise that the state themselves have not been recipient of a lot of infrastructure funds and they do the best they can with what they have. Susan wants to give special recognition to the “data nerds” and public health officials for collating and getting health data every day since the beginning of the pandemic.

She sees HealthTrends.ai as upgrading the data layer by empowering organisations to access the data to make the necessary decisions.

 

About HealthTrends.ai

Susan, is the CEO of HealthTrends.ai a company she co-founded at the beginning of the pandemic. They are a trusted third party, delivering ongoing authoritative health data that's independently auditable and has legal weight. They’re the trusted data source that spans legacy and cutting-edge technology s...

Laurent Benichou, is Head of Blockchain Europe & US, that sits within the Group Emerging Technologies and Data team at AXA. In this podcast we discuss the main takeaways from his experience with Fizzy and more importantly we discuss how can blockchain and insurance be good bedfellows. Laurent shares with us some of the main mistakes insurers make with blockchain but he also the main blockchain opportunities that exist in insurance.

 

What is blockchain?

In August 2018, Laurent defined on Insureblocks blockchain as:

"A blockchain is a fully distributed database. This means it has no single point of failure and no central managing authority.

Blockchain’s technical characteristics, such as its immutability and cryptographic verification, create numerous convenient features including fast and easy payments, smart contracts and the ability to indefinitely store information."

At that time his answer was a very technical one which he believes misses the essence of what is blockchain. Today, Laurent defines blockchain as a digital system of uncensored value transfer. The winning present blockchain use cases are ones around the exchange of value, such as Bitcoin and lending with stable coins.

 

Main takeaways of Fizzy

In September 2017, AXA launched Fizzy. Fizzy is a fully automated flight delay insurance policy that runs on the Ethereum blockchain and allows customers to get indemnified as soon as they arrive to their destination. The process is fully automated, with a smart contract deciding whether customers are eligible for indemnification.

In November 2019, over 2 years after its launch AXA closed Fizzy. Laurent describes Fizzy as an opportunity to test out a new type of product based on blockchain technology. It provided his team with an incredible experience, which grabbed a lot more media attention that they had anticipated. They gained a lot knowledge during that experience on things such as: how to use a blockchain, how to handle gas fees on Ethereum, importance of auditing a smart contract, and much more.

Taking the learnings from Fizzy, Laurent has the following top tips for aspiring blockchain projects:

* It’s always easier to convince people with a functioning proof of concept than with a PowerPoint.

* Never underestimate the cost and complexity of distribution especially when it comes to a B2B to B2C model.

* All new digital services need to be API and mobile first

 

Does blockchain and insurance make bad bedfellows?

On the 24th of August 2020, Laurent wrote on Medium an article entitled “Navigating blockchain opportunities in insurance”. The first line of his article states:

“Unifying Insurance and Blockchain has so far been the most difficult task of my entire career”.

Laurent believes that insurance can play a part in protecting the crypto sector. He also believes that at their core both blockchain and insurance share...

Sabine Brink, Global Lead of Blockchain at Shell, shares with us how Shell is using blockchain technology within the energy industry. She walks us through a number of interesting blockchain initiatives they’ve worked on, such as decentralised digital passports, the Energy Web Foundation, LO3 Energy  and VAKT. We conclude this podcast with her views on how decentralised technologies can support the fight against climate change.

 

What is blockchain?

Sabine recognises that there are many definitions to blockchain. One of the definitions that Shell uses is blockchain as an immutable tamper proof shared ledger of state changes of a digital asset. Technologies that enable blockchain such as algorithms, cryptography, and distributed systems have been around for decades. What makes blockchain unique is the combination of these technologies.

 

Shell’s Blockchain Centre of Excellence

Sabine’s blockchain team sits within the digitalisation organisation within Shell. The team was set up in early 2017 with the aim to help guide Shell through this increasingly decentralised world. They are also tasked to ensure that they accelerate the adoption of blockchain technology within Shell but also in the energy industry.

The Blockchain Centre of Excellence has the following focus:

* Partnering with all the Shell businesses to help them realise the benefits of blockchain

* Ensure that the right technology choices are made

* Building the capabilities, toolkits and skill sets to enable Shell to accelerate their adoption of blockchain

Sabine gave us an example of how that would work where they would partner with the new energy business to develop ideas and concepts for decentralised strategies. The approach they take is first and foremost to understand what is the problem they’re trying to solve.

They would run exploratory workshops where the focus is on understanding the problem that they’re trying to solve, how big of a problem it is and identifying what is the best technology that can help them resolve this problem. If blockchain is the best technology as defined through a clear set of assessments, Sabine’s team would guide the business unit through the process of taking an idea to a proof of concept, pilot and ultimately deployment.

Sabine is passionate about the combination of a disruptive technology like technology and what it can do within the energy industry. She’s very interested in how new technology brings disruption into existing systems and/or in creating new economies.

Sabine initially started off as business analyst within the team before becoming its technical lead and ultimately growing into the lead of the blockchain centre. Her team is now working on 10 different blockchain projects and are very excited about the combination of blockchain technology within the energy industry.

 

Shell’s early years with blockchain

Shell was an early adopter of blockchain technology and started investigating its use in 2015. In the early years Shell had a small blockchain team testing out concept and running proof of concepts with different business units and building up their technical capability. From the learnings gained in proof of concepts in different business units they were able to formulate a clear strategy early on. This strategy helped them to understand where blockchain makes sense and where it doesn’t make sense.

Shell’s blockchain strategy is defined in three key pillars:

Sergey Nazarov is the co-founder of Chainlink, a decentralised oracle network that provides reliable, tamper-proof inputs and outputs for complex smart contracts on any blockchain. In this podcast we discuss the fundamental opportunity blockchains along with smart contracts, connected to real world data via oracles, can provide in creating a level of hyper reliability for transactions to occur that hasn’t been possible up to now.

We also discussed how blockchain, smart contracts and oracles can create better insurance products and transform insurance cash flows into securitised tokenised assets.

 

What is blockchain?

Blockchains are tamper proof data structures that end up creating an immutable highly reliable record of smart contract state or contractual agreement between parties.

The way they do that is through the use of cryptography they prove that the data and the proof within a blockchain is actually reflective of what happened.

For Sergey the fact that you have a system of record and a system of executing transactions that’s hyper reliable is actually a very unique innovation in the history of contracts and in the history of how people interact with each other. Because traditionally what you would have had are multiple parties, within a transaction, keeping their version of what happened.

That means two important things. (1) that version of history, is their vision of history, whether it’s right or wrong. That version for example may have been corrupted or manipulated to their benefit. (2) It's a version of history that they can't easily present as a reliable proof of what happened to other parties, whether that's the counterparty or whether that's a regulator. This inability to prove what's happening in a transaction or prove what the underlying value of an asset or prove what happened in an insurance kind of agreement is what leads to the big problems in the global financial system as was seen in the 2008 financial crisis.

The 2008 financial crisis was really a problem of proving that certain assets were in a certain state, and that certain people were in a certain state of solvency. Because everybody had their own version of history, and no one had a unified, single trustworthy version of history, the markets became dislocated and disconnected from reality.

Blockchain provides the ability for all parties in a transaction to have one single, hyper reliable form of history that everyone knows is true. And therefore, nobody even needs to keep their own copy.

 

Smart contracts

A smart contract is a tamper proof digital agreement that is represented on a blockchain. Blockchain provides a data structure, where the data about a transaction is hyper reliable. With smart contracts you now have a certain logic and conditions that gets executed, as coded into the contract. This is a hyper reliable system that sits outside the control of any of the people in the contract.

Sergey believes that smart contracts should instead be named tamper proof digital agreements. Smart contracts take standard digital agreements and provide a level of unique guarantee that digital agreements can’t provide because they’re not secured cryptographically on a blockchain.

 

Trust in a brand vs cryptography

The relationship and the brand of an insurance company or financial institution is there to assure you of solvency and of reputational loss if the contract is mishandled, misrepresented or not executed properly.  Reputation brand is essentially a mechanism to guarantee reliability.

The internet has created a paradigm shift by being able to reliably guarantee a relationship between a user and the outcomes they expect from an internet base...

George Alayon – Assistant Director in Insurance Supervision at the Bermuda Monetary Authority (BMA). George leads a small team whose responsibility is for pushing the insurance agenda of the authority. They oversee the insurance regulatory sandbox and Innovation Hub as well as the supervision of innovative insurers here in Bermuda. In this podcast we discuss the influential role the BMA plays in fostering innovation in the insurance industry.

 

What is blockchain?

Blockchain is a digital ledger where information can be stored, duplicated, and distributed across a network of computers whilst being cryptographically protected. For George, it is the opposite of the traditional way of storing information in a centralised manner where there is no single point of failure. This traditional process also may or may not result in the production of digital assets.

 

Introduction to the Bermuda Monetary Authority (BMA)

The BMA is the sole regulator of insurance companies, banks, trust companies, investments, the Bermuda Stock Exchange and credit unions. Recently they were given the mandate to regulate digital assets.

Locally they issue the Bermuda currency which is pegged to the US dollar.

As the sole financial services regulator on the island, they pride themselves to being responsible for maintaining Bermuda’s reputation as a top jurisdiction of choice especially for insurance and reinsurance.

Bermuda is one of a few jurisdictions in the world that have gained full solvency to equivalence from the EU, as well as having obtained both qualified and reciprocal jurisdiction status from the US NAIC.

In 2018, Bermuda was one of the first countries in the world to offer a comprehensive regulatory framework for digital asset businesses.

 

Evolution of insurance and digital assets

BMA defines digital assets to be anything that exists in binary format, and comes with the right to use it and includes a digital representation of value.

In George’s view, blockchain technology is a gateway to revolutionise the financial sector. Blockchain technology allows for the seamless exchange of information related to the basic elements of a contract including the consideration. In the case of insurance, consideration includes the premium paid by the insured in exchange for payment of claims in case of a loss event.

Historically the insurance industry has been heavily reliant on manual processes. The arrival of blockchain technology has given rise to a thriving digital asset business sector, which has forced the insurance industry and the rest of the financial services sector to rethink the way they operate and the future role they will play in this ecosystem.

Over the next two to three years, George sees a lot more market acceptance with the integration of digital assets, as a medium of exchange for insurance policies, as well as a utility pass or access to DLT based ecosystems.

 

Regulators role

The insurance industry is inherently risk averse.

One of the regulators biggest concerns is whether these technological breakthroughs have policyholder protection has as top of mind? Do they disclose enough information for parties to make an informed decision? How are companies thinking and preparing for the worst case scenarios?