Aug 3, 2020

PwC: Blockchain - a game-changer for InsurTech

PwC
Insurtech
Blockchain
London Market Group
William Girling
2 min
Blockchain
Consultancy company PwC is at the frontier of exploring innovative applications for blockchain technology, with InsurTech emerging a likely victor...

Consultancy company PwC is at the frontier of exploring innovative applications for blockchain technology, with InsurTech emerging a likely victor.

Upon reflection, the benefits for insurers are clear: unalterable ledgers, enhanced transparency and security, reduced costs and smoother transactions, to name a few. However, in its case study ‘Using blockchain to transform insurance claims’, PwC suggested that the industry may be at a crossroads:

“The technology is designed to foster trust, but companies may face doubts about its reliability and security. This is the challenge that both PwC and clients must address to realise blockchain’s potential and benefits.”

As such, insurance market representative London Market Group asked PwC to develop a ‘proof of concept’ (POC) demonstrating blockchain’s efficacy.

Putting a ‘claim on the chain’

PwC’s assessment of the insurance market’s attitude is seemingly substantiated by former Director of Operations at Lloyd’s Shirine Khoury-Haq: “Blockchain has the potential to improve the way insurers record risk, increasing the speed, accuracy and transparency of our processes. But we needed to test that it really delivers.”

To help demonstrate this principle to the wider industry, PwC initiated two design workshops in order to find out the ‘pain points’ in insurance processes and how blockchain could help. To this effect, it worked closely with brokers, claims experts and third-party administrators.

The first stage of the project used PwC’s pre-existing platform created by its UK Blockchain lab powered by Monax. The software was put through a series of ‘sprints’ in order to identify weaknesses, strengths and areas for improvement in order to deliver a minimal viable product (MVP).

During the second stage, the company worked with Guidewire to integrate its ClaimCentre management tool into the blockchain POC.

The result’s of PwC’s POC

Completed within a six-week timeframe and including 14 firms within London Market, the POC was considered a success by PwC, with significant overall performance results reported.

These included no ‘single point of failure’, a reduction in reconciliation errors and an enhanced ability to validate claims automatically. Therefore, transparency was significantly improved, as anticipated, and the overall results were more consistently high quality.

“This was a complicated project but well-suited to blockchain technology and we proved this concept,” concluded Steve Davies, Blockchain Leader at PwC. “Blockchain can be commercially deployed to great effect.” 

Share article

Jun 18, 2021

The Ultimate FinTech & InsurTech LIVE Event

Insurtech
Fintech
live
event
3 min
We release three new speaker names for the FinTech and InsurTech virtual conference that can’t be missed, streaming live from London

From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future. 

With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach. 

Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.

The event will include:

 

  • Keynote addresses from respected industry leaders
  • Dynamic live roundtables (inc. Q&A)
  • Fireside discussions
  • Inspirational Speakers & Presentations
  • Extensive networking opportunities

 

 

Meet the Speakers

Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees. 

Our second batch consists of:

 

Scott Abraham

Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.” 

Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.

In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.

 

Alistair Fraser-Hawkins

Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.

Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:

"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."

 

Mike Massaro

Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.

An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.

His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.

 

This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.

Share article