Collaboration is key to unlocking benefits of blockchain technology, according to panellists at the 2018 European Captive Forum.
Speaking on the ‘Blockchain—how is it being used as a tool for captives and insurances programmes?’ panel, Guglielmo Maggini of Allianz Risk Transfer Group said blockchain could offer “innovation through collaboration”.
He commented: “We wanted to see whether blockchain can make our lives simpler. It does, but only by working together and putting our clients at the centre.”
Allianz Alternative Risk Transfer has been working on a proof of concept blockchain powered captive platform, which Maggini suggested was a “new answer to an old question”.
Helene Stanaway, XL Catlin, AXA XL Division, who is involved with AP Moller-Maersk’s insurance blockchain platform, Insurwave, the first of its type in the insurance market, said emphasising the importance of collaboration was an “important message”.
Stanaway said that in building the blockchain insurance platform, XL Catlin had worked in unison with other members of the industry, including direct competitors such as MS Amlin.
She noted that a blockchain insurance platform like Insurwave “only makes sense if you collaborate with peers”.
“We put the client at the centre and worked together to make this solution.”
According to Stanaway, in contrast to the accusations of some in the industry that Blockchain was a “solution looking for a problem, Insurwave “has proven that Blockchain does “solve a range of problems”.
Looking forward, Stanaway issued a call to action to the captive industry and stated that “as an industry collective we really need to get on board with this technology”.
Stanaway concluded: “This is a catalyst to disrupt ourselves and be of better use to the client.”
