Blockchain Applications in Insurance: Developing a Plan for Smart Insurance Policies

Recording of a 90-minute CLE webinar with Q&A


Conducted on Thursday, April 26, 2018

Recorded event now available

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Program Materials

This CLE webinar will explore distributed ledger technology (often called “blockchain”) applications in the insurance industry, and prepare legal counsel, risk managers, and insurance professionals to address the legal risks associated with blockchain driven smart contracts.

Description

Blockchain is rapidly emerging as a potential solution for businesses in many sectors, often with promises of increased security, reduced risk, and higher efficiency. With any new technology, however, comes new threats. Counsel and risk management professionals should understand, assess, and plan for the blockchain-related risks that organization will face.

Blockchain technology is transforming the insurance marketplace. Insurers are already adopting blockchain to: (1) streamline reinsurance contracts; (2) create new wholesale insurance products; (3) improve claims management; (4) refine reserve calculation; (5) automate notices for claims and losses; (6) evolve underwriting models; and (7) strengthen fraud detection. Implementing blockchain could provide access to new insurance markets and increase administrative efficiency by reducing overhead, improving underwriting accuracy, and transforming claims management.

Counsel should prepare policyholders to adapt to the blockchain transformation and the placement of smart insurance policies that minimize the adverse impacts of both automation and commodification. Policyholders should weigh the benefits and risks associated with: (1) allowing greater access to proprietary data; and (2) allowing automation of portions of the claims process, which could reduce control over key coverage decisions.

Listen as our authoritative panel discusses the impact of this emerging technology on the insurance marketplace and presents best practices for legal counsel, risk managers, and insurance professionals on mitigating the risks associated with early adoption.

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Outline

  1. Overview of distributed ledger technology/blockchain
  2. Blockchain applications within the insurance industry
  3. Blockchain implications for policyholders
  4. Advantages and risks of early adoption
    1. Insurers
    2. Policyholders

Benefits

The panel will review these and other crucial issues:

  • How will blockchain impact management of coverage and claims?
  • What are some current and potential uses of blockchain in the insurance industry?
  • What advantages does distributed ledger technology present for insurers and policyholders? What risks?

Faculty

Henry, Katherine
Katherine J. Henry

Partner
Bradley Arant Boult Cummings

Ms. Henry is the Chair of the firm’s Policyholder Insurance Coverage Team. She regularly advises Fortune 10 and...  |  Read More

Hogan, Brendan
Brendan W. Hogan, Esq.

Bradley Arant Boult Cummings

Mr. Hogan focuses his practice in the areas of policyholder insurance coverage and construction. He has handled...  |  Read More

Thompson, Bonnie
Bonnie J. Thompson

Atty
Wiley Rein

Ms. Thompson represents insurers in connection with coverage issues and disputes arising under professional liability...  |  Read More

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