Source: Securities Daily
Reporter Leng Cuihua
At the recent launch of the “Initiation of the Development of Blockchain Application Technology Standards for the Insurance Industry and the Issuance Ceremony of the“ White Paper on Blockchain Insurance Applications ”(hereinafter referred to as the“ White Paper ”), the construction of an insurance risk control blockchain platform was officially launched. The insurance company announced that it has joined the alliance chain platform. At the same time, the construction of "Technical Standards for the Application of Blockchain in the Insurance Industry" was launched on the same day, with 109 industry organizations participating, responding and actively supporting the formulation of the standard.
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This means that the application of blockchain technology in the insurance industry will accelerate, and the application scenarios will be more abundant, and the industry is also looking forward to more landing application results.
Insurance risk control chain
Let reinsurance take hold
"Blockchain and the insurance industry have a natural fit." The "White Paper" points out that the insurance industry is an important area for the exploration of blockchain applications. The "Law of Large Numbers" of insurance and the collective consensus of the blockchain have "genetic similarities." Therefore, the insurance industry is likely to become one of the first large-scale applications of blockchain.
From the perspective of the research and development of the underlying technology of the blockchain, the Shanghai Stock Exchange officially released the underlying technology platform and white paper of the Baojiao Chain in 2017, and iteratively completed the second-generation low-tech platform of the Baojiao Chain in 2018 and passed the evaluation and certification of the Ministry of Industry and Information Technology; In terms of industrial application scenarios of the chain, the China Stock Exchange and insurance industry institutions have cooperated to explore and launch 10 insurance application scenarios to serve dozens of insurance industries and their upstream and downstream institutions in the industry chain.
At the same time, the construction of an insurance risk control blockchain platform was officially launched recently. PICC P & C, CPIC P & C, Ping An Insurance, Land P & C, China United Insurance, Anda P & C, Mitsui Sumitomo, Shidai P & C, AXA Insurance A total of 14 insurance companies, Sunshine Property & Casualty Insurance, Huatai Property & Casualty Insurance, Yongcheng Property & Casualty Insurance, Dubang Property & Casualty Insurance, and Huaan Property & Casualty Insurance formally announced their joining the platform.
It is worth noting that this blockchain platform is an alliance chain platform. The alliance chain is between the public and private chains, which can achieve "weak centralization" or "multi-centralization". Compared with the public chain, the alliance chain has a certain threshold of entry, and each node on the chain corresponds to a physical enterprise or organization, which is jointly managed by these authorized enterprises or organizations. Only after the nodes are authorized can they join the alliance network. . The accounting right generated by the on-chain block is jointly determined by the consensus nodes. Other non-consensus nodes can participate in the transaction, but no consensus is required.
The insurance risk control blockchain platform takes insurance fraud in the field of travel insurance as the starting point, and aims to find duplicate insurance behaviors during the insurance underwriting phase through data sharing, providing organizations with more dimensions of insurance risk control information and improving The level of institutional anti-fraud reflects the market value attributes of insurance risk control information.
Insurance risk control is exactly one of the major scenarios in which the blockchain is used in the insurance industry. According to the "White Paper", blockchain has huge application scenarios with the insurance industry in at least 11 aspects, including reinsurance, annuity management, insurance risk control, health care, points, digital policies, traceability of agricultural insurance, insurance alternative asset management, Digitization of foreign transactions, cross-border trade insurance and mutual insurance. In these areas, there are currently many pain points, and better solutions can be found through the application of blockchain technology.
Insurance industry advances resolution
Application scene landing
Although the blockchain and the insurance industry have a natural fit, at present there are not many application scenarios, and there are still problems such as inconsistent standards and insufficient integration in actual operation. To this end, the insurance industry is also advancing solutions.
Aiming at the problems such as the lack of standards and application specifications and the decentralized application modes in the current large-scale use of the blockchain, the Shanghai Insurance Exchange, in conjunction with the China Trust and Communications Institute's "Credible Blockchain Promotion Plan" and insurance industry institutions, jointly launched The development of the "Blockchain Application Technology Community Standards" work has improved the industry's ability to develop and apply blockchain technology. At present, 109 industry organizations have participated in, responded to and actively supported the development of standards.
The formulation of this standard will focus on solving three problems. The first is to unify industry application standards, reduce technical friction between different companies and different application scenarios, promote cooperation and consensus among insurance companies, and improve the overall operating efficiency of the insurance industry. Accelerate the identification of the main application direction of the industry, promote the breakthrough of blockchain technology, promote the innovation and development of the industry, and effectively solve the problems of repeated construction and inconsistent standards. The breakthrough can create an open, fair, safe, and efficient innovation environment for the integrated development of the insurance industry and blockchain technology, and inject new kinetic energy into the large-scale expansion of scenario applications.
The related McKinsey research report shows that the insurance industry accounts for 22% of the blockchain application scenarios in various industries, ranking first. Boston Consulting research shows that the in-depth use of blockchain will reduce the operating costs of global property insurance companies by 5% -13%. PricewaterhouseCoopers research results indicate that if the reinsurance industry adopts blockchain technology, most of the processes will be automated, which can help avoid repeated data entry, reduce human error, save labor costs, and save 15% -20% of operations for reinsurance companies. cost.
There is no doubt that with the acceleration of the application of technology and the gradual unification of related standards, the integration of blockchain technology and the insurance industry will deepen, and the deep-level changes brought by technology to the industry will become more apparent.