A little about our speaker Cristina, she works as Business Development Director at SNB Group – A leading provider of services and technology specializing in the insurance sector. She has 10 years of experience in the insurance sector. ITIL Foundation Certification. Qualified insurance broker.
Grupo SNB (BLOOCK's strategic partner in the Insurtech space) presents in the Spanish and Mexican markets, is a pioneer and dean of the Spanish Insurtech, created in 2000, offers to price, issuing, and digital management solutions to insurers, bank insurers, and mediators, ERP, CRM and management programs, Administrative Outsourcing solutions (BPO), insurance consultancy, customer compliance solutions (IDD), Pricing, Benchmarking.
Web3 & Insurtech: Transforming the insurance sector with blockchain technology!
The webinar focused on three main topics discussed by our two speakers.
Firstly, the current state of the insurance sector, particularly Insurtech.
The discussion brought to light the following points.
The insurance sector (strategic for the development of any country) remains solid in the face of a complex environment that has left us immersed in a period of profound economic and social changes.
Current economic challenges: we are coming from a post-covid, prolonged environment of low-interest rates to which we add inflation and high volatility in the markets due to the war in Ukraine.
Current legislative challenges: we are in an already hyper-regulated sector with far-reaching changes (taxation of PP, the evolution of Solvency II, IDD, future NIS2 directive, DORA regulation, MICA, etc.).
Immersion in digital transformation + new habits and needs, technology forces us to reflect on current business models and this is where the insurance sector is undergoing its revolution and where Insurtech and blockchain come in.
Secondly, the opportunities for improvement.
Digital Transformation as a strategic focus.
Innovation in digital/hybrid products.
The trend towards hyper customization of products. Example: flight insurance that instantly pays you if there is a delay, even before the flight has landed. This streamlines the process and brings tremendous added value to the customer.
Relevance of hyper security in today's Insurtech environment and the value that BLOOCK brings to it.
However, every opportunity comes with challenges. The speakers discussed their third and final point; the challenges of integrating blockchain and insurance. The last point was elaborated with uses cases of digital identity on Blockchain and daily insurance.
Recording both claims history and customer data on the blockchain network. This leads to the last topic.
Thirdly, a deep discussion on data privacy.
Further discussed was data privacy and how BLOOCKcomplies with GDPR, as it has the right to be forgotten. This led to the introduction of the GDPR also to zero-knowledge technology, which allows the display of a person's history and credentials without revealing their own identity.