区块链：一种广泛应用于保险的新兴技术（英文版）_19页-1mb

Blockchain – An Emerging Technology with Wide Potential Application for Insurance

Core Content

Blockchain is an emerging technology with significant potential for application in the insurance industry. It serves as a distributed ledger that permanently records transactions, offering a value exchange network for secure, transparent, and peer-to-peer transactions without intermediaries. The technology's key features include consensus, provenance, immutability, finality, and resilience, which collectively create a trust layer over the internet.

Main Applications in Financial Markets and Insurance

Blockchain has already found applications in banking and exchanges, where it is used for post-trade settlement, trade finance, international payments, and corporate bonds. Some notable examples include:

• Credit Suisse, Barclays, and Goldman Sachs are testing blockchain for various financial processes.
• NASDAQ is exploring blockchain to enable peer-to-peer securities transactions.
• DTCC and Digital Asset Holdings are collaborating on blockchain solutions for repo clearing.

In the insurance sector, blockchain is being explored for:

• Parametric insurance products that offer low premium, high volume coverage, especially for weather-based index insurance.
• Peer-to-peer insurance models, such as Dynamis, which relies entirely on smart contracts for claims processing.
• Microinsurance and Insurance-on-Demand markets, where blockchain could reduce transaction fees and improve efficiency.
• Blockchain-based insurance solutions like SafeShare, which provides coverage for the sharing economy.

Swiss Re Activities

Swiss Re is actively exploring blockchain applications, particularly in the reinsurance market. Their key initiatives include:

• Internal Retrocession (IGR) process: Automating retrocession using blockchain and smart contracts, integrating Cat XoL with Q/S (Quota Share and Excess of Loss) to streamline the process and settlement.
• Extending the network across the industry: Partnering with B3i (Blockchain Insurance Industry) to create a decentralized network for proportional reinsurance contracts.
• Benefits of blockchain implementation:
  1. Acceleration of process and settlement
  2. Reduction in cost and operational risk
  3. Increased transparency for all participants
  4. Better quality cash management

Swiss Re is also exploring blockchain implementation for parametric products, especially in microinsurance, to address the challenges of transaction fees and operational inefficiencies.

Outlook

The outlook for blockchain in insurance is promising but not without challenges. Some of the top challenges include:

• Regulatory environment: Lack of clear guidelines and standards.
• Collective standardization: Need for industry-wide collaboration to establish common protocols.
• Legal framework: Uncertainty around smart contracts and data ownership.
• Confidentiality and privacy: Balancing transparency with data security.
• Systems integration: Ensuring compatibility with existing IT systems.
• Scalability: Handling large volumes of transactions efficiently.

In 2017, investment in blockchain is expected to focus on establishing standards, achieving scalability, and ensuring confidentiality. Private blockchains with a limited subset of trusted participants are likely to emerge. Additionally, blockchain-inspired applications such as R3 Corda are being developed to address specific industry needs.

While blockchain is not a panacea, it has the potential to enhance cooperation among re/insurers, reduce operational costs, and create new product and enhancement opportunities. Future research will explore the synergy between blockchain, IoT, and Big Data to unlock further value in the insurance sector.

Key Information

• Blockchain is a decentralized, peer-to-peer network with append-only and replicated ledger features.
• It enables secure, authenticated, and verifiable transactions through cryptography.
• Smart contracts are programmable contracts that execute automatically upon meeting pre-defined conditions.
• Parametric insurance is a promising area for blockchain, especially in microinsurance and index-based products.
• Swiss Re is a leader in testing blockchain applications, particularly in reinsurance and internal processes.
• The future of blockchain in insurance is expected to focus on standards, scalability, and integration with other technologies like IoT and Big Data.

Conclusion

Blockchain technology is set to revolutionize the insurance industry by improving efficiency, transparency, and trust. While challenges remain, the potential for innovation and cost reduction is significant. As the technology evolves, it is expected to become a cornerstone of future insurance operations.