Smart Contracts: Blockchain's Killer App? (Insurtech Rising 2016)

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Jacoby Thwaites, CEO and founder of SPARKL, presented Smart Contracts: Blockchain's Killer App? at Insurtech Rising 2016 on Monday 14th November.

Technology

Smart Contracts
Blockchain’s Killer
App?
Jacoby Thwaites
jacoby@sparkl.com
@sparkl

According to Merriam Webster:
An order or arrangement for a hired assassin to kill someone
"His enemies put out a contract on him..."
What is a contract?

One Minute
A Smart Contract is . . .Turn to your neighbour!
Together, define the term
Smart Contract
in 1 sentence

Smart
Contracts It executes on behalf of the
contracting parties.
What makes a contract smart?

What problems do they solve?
Automation reduces cost
Shared ledger reduces reconciliation
Agility sharpens competitive edge
Cost
Complexity
Competition

Example: Inwards reinsurance processing
Smart Policy
Cedant
Reinsurer
Distributed Ledger
Technology
Audit Trail
Policy Setup
Contracts & Schedules
Review & Test
Deploy & Digitally Sign
Initial Ledger Balances
Pay Premiums
Calculate Inwards by
Contract
Settle Claims
Process Reinstatements
Upload
Outward
Claims

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Smart Contracts: Blockchain's Killer App? (Insurtech Rising 2016)

1. Smart Contracts Blockchain’s Killer App? Jacoby Thwaites jacoby@sparkl.com @sparkl

2. According to Merriam Webster: An order or arrangement for a hired assassin to kill someone "His enemies put out a contract on him..." What is a contract?

3. One Minute A Smart Contract is . . .Turn to your neighbour! Together, define the term Smart Contract in 1 sentence

4. Smart Contracts It executes on behalf of the contracting parties. What makes a contract smart?

5. What problems do they solve? Automation reduces cost Shared ledger reduces reconciliation Agility sharpens competitive edge Cost Complexity Competition

6. Example: Inwards reinsurance processing Smart Policy Cedant Reinsurer Distributed Ledger Technology Audit Trail Policy Setup Contracts & Schedules Review & Test Deploy & Digitally Sign Initial Ledger Balances Pay Premiums Calculate Inwards by Contract Settle Claims Process Reinstatements Upload Outward Claims

7. jacoby@sparkl.com @sparkl

Editor's Notes

Smart contracts close the gap between when events happen and when they are verified by an auditor. Auditors can observe and understand insurance contracts at high-level in real-time with a somewhat hands-off approach. Insurance contracts are typically complex and hard to understand because of the legal language used. Also process can be drawn-out Ongoing operational costs need to be cut down Dealing with uncertain and disruptive landscape New industry regulation introduces IT complexity

Smart Contracts: Blockchain's Killer App? (Insurtech Rising 2016)

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