1.0 Introduction
Insurance and Reinsurance markets play a crucial role in transferring risk. They provide safety and security through financial support against particular events where there is a fear of loss. Orchestration of business in Insurance markets is complex, highly collaborative and competitive in nature. High administrative costs, threat of disruption from tech giants and the need to upgrade an aging operating model, has urged the industry to think strategically about collaborative technologies and standards.
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It is the aim of the Insurance Markets Subgroup to bring together practitioners from all affected functions to discuss various implementation aspects of the technology relating to Hyperledger based DLTs. This needs collaboration between business and technology. Both groups need to learn from each other as well as find common ground to solve problems. The mission of the Insurance Market Subgroup is to provide such a platform and a safe-space for surfacing solutions and challenges.