We, the founding team have been working across blockchain and insurance for the last couple of years to validate our belief that blockchain can provide the Global Insurance Industry with a fundamental shift in how insurance is transacted and processed.
Over this time we have come to the conclusions that developing an insurance operating system on blockchain can: -
- Lead to major cost savings across the whole of the insurance value chain. We estimate that we can reduce insurers’ expense ratios for intermediated business by up to 30% (current UK industry average is 19%).
- Allow insurers to develop a number of new product structures and distribution models that we feel are much more appropriate for current and future customers.
We also feel that the insurance industry is currently underserved by the blockchain community and decided that a technology startup focused on building software to fix the major pain points faced by brokers and insurers alike was essential.
To achieve these aims we have set up a company called Blocksure based in London, England, a city with a long and rich history within financial services.
We have extensive experience across insurance and information technology. The insurance experience covers all aspects of insurance operations and the technology knowledge has been developed across a number of platforms.
By optimising existing insurance processes with cutting edge technology, we also hope to unlock the potential for new and exciting insurance products. The sharing economy and Internet of Things is expected to see rapid growth over the coming years and we see blockchain as a key enabler for this.
We look forward to building partnerships, solving problems for our customers and improving the perception of insurance.