Big insurance wants to know about blockchain
Yesterday was an interesting day; we learned a lot and got to know a lot of people. Legacy was the main guest speaker during the workshops.
How do you prove someone is really dead?
Why did China ban ICOs?
What will it *really* change in our insurance sector?
Why can’t these things be done with traditional tech?
These were the kind of questions that piled up on me yesterday. But let me give you a bit of context. I was in Madrid attending The (un)conference. It was an impressive event, located at the 18th floor in the Torre Espacio in Madrid, and I was presenting in front of over 60 CEOs from the insurance industry. There were heads of BBVA, EY… and several startups and other partners.
Let me try to describe the mood and the attitude I felt. We were at a venue with people whose businesses will probably be highly impacted by the future adoption of blockchain technology. Some are aware of it, some aren’t and some… choose to cover their eyes and ignore it.
We didn’t see many of the latter — in fact, I’m quite impressed by this crowd in particular. They seemed to be very intrigued by what we wanted to say and had interesting questions in all levels of knowledge around the subject.
Is it legal?
To choose the debating subjects for the day, everyone had 3 votes and we had a list of 20-something subjects. To my delightful surprise, blockchain and ICOs were voted the most — I’d like to see the actual numbers, though.
So in other words, as you can see in the previous image of this article, blockchain is an actual priority in the Insurtech sector. The introduction presentation of the whole conference was itself divided in two: general information and blockchain, and smart contracts, where we were the only panelist invited to speak and introduce ourselves.
The format of our workshop itself was an open ‘round table’ consisting of a quick presentation of Legacy and of a very high level explanation of what blockchain is and what smart contracts are. And then, BAM! The questions I listed at the beginning started flying my way.
ICOs, regulation and the legality of our business where the hot irons of the debate, which sparked a fierce (as fierce as an Insurance event can be) debate about the legality of unregulated insurances.
Change is coming
I must admit, once we got through the initial questions and they started speaking about the details of their own sector, I was at a total loss… until we restarted with questions on decentralized ledger technology.
I mean, we aren’t directly in the Insurance business and we were invited as a guest speaker and sometimes I felt I was just that; a guest.
They asked me to do the “conclusion” of the open table.
I had two things to say:
1) I truly believe the insurance market will live a revolution thanks to blockchain tech and it’ll be good for those that jump on the train and well… bad for the rest.
2) Regarding the regulation questions; I left them with an open question to which I don’t have the answer to. What will happen when these things become truly decentralized and peer to peer? *who* will we sue, attack or regulate? There isn’t any single entity that can be searched for.
Apparently, I didn’t follow the rules to how to do a conclusion in an event like this in which you’re supposed to summarize the topics spoken of, so Jesus actually finished for me. But anyways, all in all, really great day and crowd. I look forward to meeting the Finnovating team again some day.
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