28 June 2018
The first experiment with Blockchain technology in the insurance sector is under way, thanks to the initiative led by ANIA (National Association of Insurance Companies), with the collaboration of Reply, CeTIF (Research Centre on Technology, Innovation and Financial Services) - Università Cattolica del Sacro Cuore in Milan and with the participation of IVASS (Institute for Insurance Supervision)on the Scientific Committee.
The project falls within the scope of the Insurance Blockchain Sandbox, a unique and controlled virtual place designed for experimenting with highly innovative, real use cases with the active participation of the companies, consumers and different entities who take part in the insurance process.
The work carried out in the Sandbox is directed and supervised by a Scientific Committee composed of representatives of IVASS, ANIA, CeTIF - Università Cattolica, Reply and the companies and intermediaries involved in the experiment. The benefits of being able to follow the possible implementation of Blockchain technology in the insurance sector are clear for all the various players participating in the Sandbox, who find themselves in a position to anticipate market development factors, future regulatory requirements and the impact on consumer protection and supervisory activities.
The main phases of the ADR project involve the exchange of the amounts entered into the platform by the counterparties for the resolution of a legal dispute, through a blind auction mechanism, adjusted on the basis of the parameters defined for the experiment, accepted by the customer/legal representative and guaranteed by a Trusted Smart Contract based on Blockchain (an information protocol that facilitates the execution of a contract).
The project has seen the participation of the Axa, Cargeas-Cardif, Cattolica, Generali, Helvetia, Reale ITES GEIE, Sara and Zurich insurance companies.
“Thanks to this initiative”, commented ANIA President Maria Bianca Farina, “we intend to experiment in a concrete and effective manner with the potential offered by the Blockchain technology, applying it to a first use case highly beneficial to our sector. This will allow us to implement and take advantage of the benefits identified during the experiment to facilitate the operation of all the companies. Our ambition is to continue with other projects to enable us to make the use of such a powerful technology practical and effective, not only for insurance companies but for the whole market.”
Reply specialises in the design and implementation of solutions based on digital media and new communication channels. Through its network of highly specialised companies, Reply partners with major European corporations in the telecoms and media industry and services, banking and insurance, and public administration sectors, to devise and develop business models built on the new paradigms of big data, cloud computing, digital media and the Internet of Things. Reply’s services include: Consulting, Systems Integration and Digital Services.