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.
Segments of Insurance market has seen limited success in adoption of Distributed ledger technology. Some unique challenges in adoption are:
- Ageing standards and operating models.
- Lack of Structured data hierarchies across the value chain.
- Operational deployment at scale across multiple organisations.
- Integration into existing enterprise infrastructure as well as two-way bridges to off-chain data sources.
- Change has to be implemented in a regulated environment consisting of service partners and interested third parties i.e. Brokers, Coverholders, Managing Agents, Members and Regulator.
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.
1.1 Mission
To be updated post engagement with founding members.
1.2 Goal
Under the different topic groups, led by subject matter experts; we will work on documents, diagrams, presentations, implementations or road maps of solutions. For existing projects, as well as outputs please see this link.
As we collaborate, all output will be made available in the open. For ease of discovery by new comers and others, this material will be annotated and labeled with keywords for easy searching. The aim is to If any code is produced, the output will be easily downloadable from open-source . Documentation and deployment will be made as friction-less as possible. SIG members who are in touch with practitioner groups as well as working groups, the technical steering committee and other SIGs will either bring knowledge of methods and practice from such groups or push out our findings to these groups to create synergy in the Hyperledger ecosystem.