Beckoning the new era of insurance, transactions and global inclusion: Blockchain. A digital, decentralised and immutable transaction ledger that uses cryptography for secure exchanges is a powerful platform for the interplay of new and existing models of insurance that may include agriculture, crop, parametric, climate risk and weather index-based insurance.
Over time, this could lead to new players entering the blockchain ecosystem. Smart contracts and risk pools with conglomerates and large global charities, would eventually enable inclusion of small scale suppliers, farmers, donors, cooperatives and government bodies. The collaborative commerce value is huge. At the same time regulatory and supervisory authorities will need to respond to a disruptive environment and based on the results of a ‘sandbox’ approach, among others, come up with new legislation applicable to Insurtech companies, while they will be adapting the consumer protection regulatory framework accordingly.
Asia Insurance Review, together with GIZ RFPI Asia* as Co-organiser, is pleased to put together the first-ever Innovative Inclusive Insurance Conference to look at a supercharged insurance industry powered by blockchain technology and digitisation in combination with a modernised regulatory framework to drive growth, create new value and promote global financial inclusion through innovation and connectivity, and most importantly, to reach out and deliver the benefits and protection to everybody in particular the poor and vulnerable against extreme weather events anywhere and anytime.
*GIZ RFPI Asia – Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia)