TDI Startup InsurTech Award - livefest Rita-accounting_blockchain_v1

1. Reinsurance Accounting Blockchain – RITA
ACORD INSURTECH INNOVATION CHALLENGE
London, 12th of June 2019
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2. Initial Situation

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Initial Situation

5. www.ritablock.comLondon, 12.06.2019 Slide 5
Initial situation
Reinsurance Business is a global business. The reinsurance accounting
processes are characterized by
 Printing the reinsurance accounts on paper or as PDF based on the
reinsurance administration software
 Manual sending of reinsurance accounts via mail using the personal
mail-boxes of the employees
 Manual processing on receivers side
 Complex usage of text recognition software
 No possibility to track a sent reinsurance account
 No general used cross-company standards

6. www.ritablock.comLondon, 12.06.2019 Slide 6
ProRis
FS-RI
ContractContract
Underwriting
Pricing-Tool
OfferOffer
General ledger General ledger
AccountAccount
SubmissionSubmission
 Common business logic
 Private data storage
without central administration
 "Distributed Ledger“ to
connect reinsurance
administration systems
Distributed Ledger Technology to exchange reinsurance accounts

7. www.ritablock.comLondon, 12.06.2019 Slide 7
Welches Problem löst die Technik eigentlich?Distributed Ledger
A
F
E
B
D
C
Advantages and opportunities
Common Business Logic
Decentralized Data Storage
Common Data Base = „single source of
truth“
easier status management
allows more complex workflows
Participants are authenticated (Z=Doorman)
Transaction based
Only the involved parties can see the
relevant data
Fast and scalable
Z

8. www.ritablock.comLondon, 12.06.2019 Slide 8
Network
nodes
Internet Firewall Firewall
Corda
RITA
Reinsurance
Accounting
System
HTTPS
Ledger-DB
Web-Browser
Monitoring Mapping
etc.
HTTPS
RITA
Ledger
Corda
RITA
Ledger
Corda
RITA
Ledger
Corda
Architecture

9. www.ritablock.comLondon, 12.06.2019 Slide 9
RITA's goal is to easily integrate each participant's RI accounting system for
easier sending and receiving of accounting data
 Direct bilateral exchange of accounting data and avoidance of manual data entry
 Minimal effort on the sender’s side to simplify the implementation of RITA
 RITA integration provided by the software companies (e.g. ProRis, SAP FS-RI)
 Implementation of a large part of the necessary functionalities in RITA
 Transformation of senders data structures using pre-defined structure map-
pings for PRORIS, SAP FS-RI, SICS and ACORD (ebot as output format)
 Transformation of values, e.g. entry codes, lines of business, perils etc.
 Status management and monitoring of the entire business workflow of
accounting processing by both the sender and the recipient
RITA – Reinsurance Technical Accounting Blockchain

10. www.ritablock.comLondon, 12.06.2019 Slide 10
Current running second test phase

11. www.ritablock.comLondon, 12.06.2019 Slide 11
Next steps
 Network and partner development
 Finalization of the 2nd test phase in July 2019
 First productive usage end of July 2019
 Extension of RITA by a premium and loss bordero

12. www.ritablock.comLondon, 12.06.2019 Slide 12
More Informationen / Update
https://www.ritablock.com

13. ©
Thank you for your attention.