The recent announcement of the Lloyd’s Market 2017 underwriting loss brought into sharp focus the tough conditions the market is facing.
It's customary in any discussion of Blockchain to assert that there will definitely be a change to the insurance industry. We then go on to state a number of use cases unrelated or tangential to insurance (Land Title Registry, Fine Arts Ownership and Imogen Heap are the usual suspects). But the B3i initiative and other similar ventures are, at last, giving the insurance industry real examples to consider.
I had the pleasure of listening to a couple of gentlemen on one of my train journeys home this week. They were discussing Blockchain - with one of the individuals portraying himself as a Blockchain expert. However, I soon realised this was another example of someone picking up on the hype around this topic without actually understanding how it works or can be adopted.
Three days in Qatar in March, high 20’s and a room full of insurance experts – what could possibly take the edge off that? How about tigers on the loose on the streets and all the Brits in the room bringing inclement weather with them… the locals were not impressed on either front!
Last month, Eurobase spoke at the London Market Technology Exchange forum (www.lmte.london). The focus was on TOM (the Target Operating Model for the London Market). Joe Dainty, Global Head of Operations at Lloyd’s, was the keynote speaker and a hard act to follow. So, in order to give the audience something new to think about, we thought we would share some insights and similarities we recognise through our experiences of working in the Banking sector over the last 20 years.