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News Flash – ChainThat launches blockchain powered insurance and reinsurance risk & capital exchange in Bermuda
Welcome to another episode in ours News Flash series, where we share the latest developments in the blockchain space, straight off the press. Today we are joined again by David Edwards, CEO of ChainThat, who previously featured in Ep.8 – Building a Blockchain PoC/Pilot, and we welcome Rebecca Oliver, business development director at ChainThat, to Insureblocks for the first time.
About ChainThat
David Edwards formed ChaintThat in 2015 with the sole focus to see how blockchain distributed ledger technology can impact commercial speciality insurance and reinsurance. Since there early start ChainThat cover the entire value chain from the placement process to technical and financial accounting, settlement, claims administration and facilities, tax and regulatory reporting. ChainThat has received investment from Xceedance and has now grown to about 30 staff.
Launching the world’s first technology-driven insurance and reinsurance risk and capital exchange
ChainThat’s new initiative is to launch in Bermuda the most efficient reinsurance risk and capital exchange in the world called the Bermuda Risk Exchange.
Why Bermuda? Bermuda, is home to the ILS and a lot of captives, it has a very proactive government that wants to drive innovation in Fintech and Insurtech. The regulars are one of the leaders with their digital asset regulations and the tokenization of assets. Bermuda has a great community spirit that is keen to innovate and bring a blockchain based solution of the ground.
Scope of the Bermuda Exchange - Source: ChainThat
From a marketplace platform to a risk exchange
ChainThat is offering a marketplace platform that will morph into a risk exchange. Initially the platform will be supporting existing back-office processes such as the placement of risk to supporting the technical and financial account and then moving into the settlement process and claim’s agreement process. The aim is to remove frictional costs to drive down costs to make insurance more efficient that it is today. The platform is built on Corda and uses the ACORD data model for all transactions.
Impact of current inefficiencies - Source: ChainThat
David hopes to offer this risk exchange to other insurance marketplaces by finding one regulatory area that has high trading volumes and lots of participants such as Singapore, Dubai, Zurich and New York.
Why blockchain?
The challenge centralised systems have to running a marketplace for insurance companies is that the centralised entity has to store the data and manage the system on behalf of the marketplace participants. However, the insurance business model is a peer-to-peer one, just like they used to in the Lloyd’s coffee shop. That’s what blockchain technology enables, it gives participants back the control of their data and their process. It provides the guarantee that you’re looking at the same version at the exact same point of time.
Education & Customer Centricity
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By Walid Al Saqqaf - Blockchain insuranceWelcome to another episode in ours News Flash series, where we share the latest developments in the blockchain space, straight off the press. Today we are joined again by David Edwards, CEO of ChainThat, who previously featured in Ep.8 – Building a Blockchain PoC/Pilot, and we welcome Rebecca Oliver, business development director at ChainThat, to Insureblocks for the first time.
About ChainThat
David Edwards formed ChaintThat in 2015 with the sole focus to see how blockchain distributed ledger technology can impact commercial speciality insurance and reinsurance. Since there early start ChainThat cover the entire value chain from the placement process to technical and financial accounting, settlement, claims administration and facilities, tax and regulatory reporting. ChainThat has received investment from Xceedance and has now grown to about 30 staff.
Launching the world’s first technology-driven insurance and reinsurance risk and capital exchange
ChainThat’s new initiative is to launch in Bermuda the most efficient reinsurance risk and capital exchange in the world called the Bermuda Risk Exchange.
Why Bermuda? Bermuda, is home to the ILS and a lot of captives, it has a very proactive government that wants to drive innovation in Fintech and Insurtech. The regulars are one of the leaders with their digital asset regulations and the tokenization of assets. Bermuda has a great community spirit that is keen to innovate and bring a blockchain based solution of the ground.
Scope of the Bermuda Exchange - Source: ChainThat
From a marketplace platform to a risk exchange
ChainThat is offering a marketplace platform that will morph into a risk exchange. Initially the platform will be supporting existing back-office processes such as the placement of risk to supporting the technical and financial account and then moving into the settlement process and claim’s agreement process. The aim is to remove frictional costs to drive down costs to make insurance more efficient that it is today. The platform is built on Corda and uses the ACORD data model for all transactions.
Impact of current inefficiencies - Source: ChainThat
David hopes to offer this risk exchange to other insurance marketplaces by finding one regulatory area that has high trading volumes and lots of participants such as Singapore, Dubai, Zurich and New York.
Why blockchain?
The challenge centralised systems have to running a marketplace for insurance companies is that the centralised entity has to store the data and manage the system on behalf of the marketplace participants. However, the insurance business model is a peer-to-peer one, just like they used to in the Lloyd’s coffee shop. That’s what blockchain technology enables, it gives participants back the control of their data and their process. It provides the guarantee that you’re looking at the same version at the exact same point of time.
Education & Customer Centricity