Willis Towers Watson exec sees blockchain insurance incumbent disruption in 5-7 years

In advance of the Blockchain for Insurance conference in London on June 18-19th, we interviewed blockchain and insurance innovation expert Magdalena Ramada Sarasola, InsurTech Innovation Leader at Willis Towers Watson (WTW).

“Blockchain was originally not meant for enterprises,” says WTW’s Magdalena Ramada Sarasola. “It was meant for peer-to-peer value transfer. So every time I come across enterprise applications, I’m a bit sceptical, given many of them are not leveraging the right attributes of blockchain technology and are trying to force its use in areas that do not make sense.”

She continued: “Some of them though, use the same principles that enabled blockchain to become a decentralized P2P value transfer platform, to enable B2B enterprise ecosystems, which is a great way of applying blockchain in the context of complex enterprise value chains. In these ecosystems anonymity is less of a problem, but there’s a need to address conflicts of interest, lack of trust or transparency, and to have one synchronized – as opposed to many reconciled – ledger(s). A great example of this is what B3i or R3 are doing. They are applying the concept of peer-to-peer decentralization to a network of enterprises. ”

Ramada thinks B3i’s selection of R3’s Corda technology was the right decision, they have a strong technical team and she likes the ecosystem approach, which allows fruitful interaction with both enterprise experts and the open source community. “B3i has strategically redefined its role as becoming the ones that provide the infrastructure, say the ‘iOS,’ on top of which the insurance industry can build blockchain applications. They manage the network’s permissions and authentication of players and have built the app store where they’re going to deploy some apps themselves, but the rest of the apps should be built by the industry.”

B3i started in reinsurance post-placement and now is moving into other reinsurance value chain…

Source Link