Blockchain in (Re)insurance at India Fellowship Seminar
Over the past few weeks, I have been attempting to demystify relatively complex insurance concepts and I hope that they did manage to clear-up a few things. This week, I decided to take a break from the hard-core insurance concept and do a round-up of the talk I delivered in one of the high-profile conferences earlier this month.
I spent first two days of the month in Mumbai, India attending the India Fellowship Seminar organized by Institute of Actuaries of India. The seminar hosted close to 100 qualified and nearly-qualified actuaries from India and overseas representing insurers, reinsurers, consultants and the regulator. The talk was scheduled for the first slot on the second day and audience found it relatable given the proposal to allow tradable life insurance market in India featured in the recent recommendations to the regulator. And of course, Blockchain being topical added to the zing!
I spoke on Blockchain in (Re)insurance and how fidentiaX is leveraging on Blockchain to set-up marketplace for the tradable insurance policies. Given the target audience, the talk was structured to explain the basic concepts of Blockchain and then delve into applications of it in the insurance and reinsurance world. Apart from fidentiaX, the talk also covered five other interesting use cases of Blockchain in the insurance world.
If we were to go by the volley of questions that started with the second slide of the presentation and continued until the last slide, the talk did generate a lot of interest. This was then followed by several interesting questions and discussion after the talk. In my opinion, the talk positioned fidentiaX as a set of people who understand Blockchain and are doing interesting stuff in the field of tradable life insurance market. The talk has resulted in a couple of discussion around potential collaboration opportunities in India and Singapore.
Before I sign-off, I wish to thank Institute of Actuaries of India for the opportunity and the participants for making the two days engaging and insightful. I am also humbled by the response we have been getting on the education series. We have some interesting articles lined up but it would be great to know your suggestions on the topics to be covered.
About the writer: Mr Sumit Ramani is the Chief Actuary of fidentiaX. He is a qualified Life actuary and a computer science engineer with over a decade of experience in(re)insurance business with focus on modelling of life and health products, peer review and business analysis.