Blockchain has become a hot topic really in
all industries I would say, but especially in the financial services sector. Banks invested quite heavily starting about
three or four years ago and created a consortium, launched products, and derivatives on Blockchain
now recently. Insurance, if you will, is really a bit later
in the game, but definitely over the past year or one and a half years, I would say,
not only did we see to get to understand the potential, but also saw first use cases really
happening and that I think what attracted a lot of interest by the insurers. If you start with authentication and identification
of be it the insured, or be it objects that are being insured, Blockchain can create an
environment where those assets, those tokens of value, are being recorded. Another example is the placing of risk and
the dealing, the processing of post placement features, could be another if you will area
where Blockchain could be transforming of how we simply exchange information, how we
process. Ultimately one can think about syndicated
risk markets on Blockchain, and so on and so forth. If you will, there is endless opportunities
but there is definitely very mid-term use cases we can already pursue. We at Swiss Re are taking a few steps towards
realizing the potential of Blockchain. First of all, starting very simple, we created
internally a community around Blockchain. I would say, starting with 15, probably 30
people from the business side, the operations side and IT, who are really interested in
re-thinking our business model and how Blockchain can enable it. Secondly, we established a Blockchain technical
center of competence within our IT department so people could really get their hands dirty
and get to understand the technology ever better and its limitations. Three, together with peers and the industry,
last year around October, we announced the [B3I 00:02:17] Blockchain group, which is
a group of insurers and re-insurers who are interested in driving forward commercial solutions
based on Blockchain.