Webinar:Blockchain in Insurance - Here for Good? Insights from Hong Kong & Beyond insurance

blockchain in insurance - here
for good?
insights from hong kong &
beyond

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Disclaimer
Presentations are intended for educational purposes only and do not replace independent
professional judgment. Statements of facts and opinions expressed are those of the
participants individually and, unless expressly stated otherwise, are neither the opinion nor
position of The Digital Insurer. The Digital Insurer do not endorse or approve, and assume
no responsibility for, the content, accuracy or completeness of the information presented.

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Working together to accelerate the digital transformation of insurance
Key Questions

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Today’s Panellists

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Discussion Agenda
90
Minutes
Opening remarks
Blockchain in perspective
HK InsurTech pitches & updates
Panel discussion
TDI / FTAHK updates & wrap up

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• How to participate:
If you have a question please type into the Q&A area
If you have a comment please type into the chat area
• Session format:
The moderator will use a combination of their own questions and those from the
audience
How to participate

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Opening Remarks
Simon Phipps
Founder, The Digital Insurer
Lapman Lee
Co-chair, FTAHK
InsurTech Committee

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Opening Remarks

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Opening Remarks

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Opening Remarks
https://www.youtube.com/watch?v=8KJBs_kKg2I

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Blockchain in Perspective – Global Insights
Martin Kornacki
Editor - The Digital Insurer

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Macro view of blockchain developments
• Crypto/blockchain market continues to grow in terms of size, institutional adoption, and regulation
• NFTs
• DEFI
• Stablecoins
• Millennials matter to traditional institutions – the crypto wallet has huge potential for other products
• Recent innovation in crypto is relevant to the finance/insurance ecosystem – Blockchain is ‘here for good’

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DEFI unpacked
DEFI
• “Github for finance” – Ethereum/Solidity
• Lowers barrier to entry
• Modular, transparent
• Allows individuals to build complex and/or totally new financial products
• TLV ‘Total Value Locked’ helps understand risk and security
• The concept of “fail fast” is inherently built into DEFI innovations
• The DEFI market has grown rapidly into 2021 – Currently around $50bn held

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Deployment in insurance, recent examples
Deployment in insurance
• B3i Re update is coming
• AON to pilot blockchain insurance with Ethereum startup Nayms
• Billion $ trade finance blockchain dltledgers switches to Corda, raises $7m
• KPMG, IntellectEU launch blockchain app to fight insurance fraud

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Blockchain in Perspective - Insights from HK & China
Charles d’Haussy
Managing Director - APAC, ConsenSys

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Discussion Agenda
Opening remarks
Panel discussion

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HK InsurTech Pitch / Update 1
Mark Wales
Co-Founder, Galileo Platforms

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Mark Wales
Co-Founder, Galileo Platforms

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William Yeung
Co-Founder & CEO, MediConCen
Limited

Introduction
• We are serving over 600K+ customers
through 10 partner insurers
• 1st in Asia Blockchain medical ecosystem
• 2 medical networks and 900+ solo doctors
connected
• Further 10 partners in pipeline with NDA
signed
• Only corporate member of Linux
Hyperledger among Hong Kong insurtech
MediConCen in Numbers
• MediConCen is an insurtech founded in
2018 that automates insurance claims
and make insurance usable for insurance
companies, medical networks and clinics
using Hyperledger Blockchain.
What is MediConCen Our Team
William, CEO & Cofounder, FSA
Kelvin, COO & Cofounder, FRM
Jenny, CDO & Cofounder, MEcon
• Founding Member of Zhong An International
• Cofounder of FWD Insurance’s digital channel
• Serial Entrepreneur
• Ex i-Banker
Ben Ng, Director & Advisor
• Ex CMO of insurers, incl. Chubb, Bowtie
David Wong, Director & Advisor
• Ex CEO of insurers incl. FWD, Manulife
Clifford Yang, Director & Advisor
• Ex chairman of California Insurance
Teresa Lai, Senior Consultant
• Ex CFO of insurers

Medical network
Insurer
A
Insurer
B
Medical
Networks
Insurer
C
Doctors outside
the networks
10%
COVERAGE
LONG
PROCESS
TOO MANY
SYSTEM

Network-redefined
Everyone
Connected via
Blockchain
INCLUSION
OF ALL NETWORKS
AND DOCTORS
SINGLE OPEN
PLATFORM
AUTOMATED BY
SMART
CONTRACT

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William Yeung
Co-Founder & CEO, MediConCen
Limited

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Duncan Wong
Founder, CEO & Cryptographer
CyrptoBLK Limited

Motor
Insurance
DLT-based
Authentication
System
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Involving parties:
• Car Owner
• Insurance Companies
• Sub-agents
• Police Dept.
• Transport Dept.
Features:
• Privacy by Design: no
personal identifiable
information.
• Patent-pending
cryptographic methods
Business
Overview
Current
Members &
Participating
Corporates
(Existing)
Delivery Partners
Motor Insurance DLT-based Authentication System
Sub-agents
Sub-agents
Car Owners
Insurance
Companies
Transport Dept.
Police Dept.
Involving
Partners
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MIDAS Uniqueness
First ever industry-wide application of blockchain technology in the space
of motor insurance in Asia
A classic case of Public-Private Partnership initiative
To address the perennial problem of fake cover notes in insurance
market
Many alliance participants/users, including the Transportation
Department (TD) and 16 motor insurers (Around 60% market share) and
about 238,000 policyholders
An excellent example demonstrating how DLT can act as a catalyst to
help accelerate an industry-wide digital transformation
This represents another key milestone in the journey of transforming
Hong Kong into a smart city
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No PII on DLT – only the hash-based
message authentication code (HMAC)
of PII is stored on the DLT.
No one (including CryptoBLK as
the network operator) can
identify any record on the DLT.
No one has the key to
calculate the HMAC
except your insurer
Third-party independent security
auditing of MIDAS (including penetration
tests) has been conducted.
Thanks to DLT, all records on DLT are
digitally signed for ensuring data
integrity and authenticity.
Security / Data Privacy
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Policy Ref: AA012-223WXX6689
Chassis no.: WHQXACEBWDY987665
License Plate no.: CB 8888
Effective date: 24 Oct 2017
End date: 23 Nov 2017
Status: Confirmed
Type: Cover Note
2c08042b41b2b35dab7def304272fe22
232ca1c135ee008e6fd8558b4bef6cee
One-Way Anonymized ID generated by
the Anonymizer using HIPAA-compliant
HMAC crypto algorithm
Chassis number of the concerned vehicle
Effective date of the insurance document
End date of the insurance document
Status of the insurance document
including Valid, Invalid or Void
Type of the insurance document, including
Cover Note or Policy
License plate number of the concerned
vehicle
Policy or Cover Note reference number
No Personal Data in the DLT
Policy Ref: AA012-223WXX6689
Chassis no.: WHQXACEBWDY987665
License Plate no.: CB 8888
Effective date: 24 Oct 2019
End date: 23 Nov 2019
Status: Valid
Type: Cover Note
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How the Transport Department’s Authenticity
Checking Works
Insure C
Motor Insurance
Document
Repository
Insure B
Motor Insurance
Document
Repository
Policyholders
TD
Web
Services
TD Cover Note
Web Portal Authentication
Center
• TD Authentication / Login
• Keyed Mutually Auth API
• SSL
• HKID / CR
• Insurer Name
Insurer C DLT Access
Gateway
•HKID / BR
•Insurer C ID
•Insurer C Secret Key
Insurer B DLT Access
Gateway
•HKID / BR
•Insurer B ID
•Insurer B Secret Key
Insurer A
DLT AccessGateway
•HKID / CR
•Insurer A ID
•Insurer A Secret Key
HMAC(Key, HKID/CR|| Insurer ID)
Data Transferred to
and from DLT
Insurer A
Motor Insurance
Document
Repository
• Cover Note / Policy Info Found on DLT
• Coverage Period
• Status & Type
• Detailed Cover Note / Policy Info Extracted
from Insurer’s Motor Insurance Document
Repository
Built by CryptoBLK
• One-way Anonymized ID
• Anonymized ID Found / Not
• 1st Coverage Period, Chassis
No., Status, Type
• 2nd Coverage Period,
Chassis No., Status, Type
• …
Blockchain
Optional
• Thisisextensible to Motor Insurance Documents(Policy)
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Multi-stakeholder
Verification
Real-time
Authentication
Privacy by Design
Car owner
Law
enforcement
Transport
department
Features of MIDAS
Provide real-time, traceable, and
immutable records for motor
insurance documents.
Enable the authentication of
documents without storing Personal
Identifiable Information (PII) on the
DLT.
Enable verification of cover nodes /
policy documents by multiple parties
including policyholders, theTransport
Department officers, and law
enforcement agencies for fraud
elimination.
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Go-to-Market
• Close collaboration between HKFI and CryptoBLK for
marketing, promotion, education and features
enhancement
• Offer and facilitate API connection with insurers' ERP
Next Possibilities
• Wallet integration with MIDAS via iAM Smart
login
• Taxi driver electronic identity
• Digitalization of cover notes and policies
HKICT Awards 2020: FinTech
(Banking, Insurance and Capital Markets) Gold Award
Asia Insurance Industry Award 2019: Innovation of the Year
3rd prize at the Shenzhen-Hong Kong Fintech Initiative Award
Strategy of MIDAS
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Duncan Wong
Founder, CEO & Cryptographer
CyrptoBLK Limited

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Time to talk

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Panel Discussion

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https://www.the-digital-insurer.com/tdi_pov_papers/tdi-techmap21/
Panel Discussion

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Poll 1 – What do you think?
Q. Where do you think Blockchain should be positioned on the TDI
TechMap21 chart – select all options that apply
Response options
a) More to left
b) More to right
c) More up
d) More down
e) About right where it is

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Panel Discussion

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Poll 2 – Further info?
Q. If you would like to hear more from any of today’s participants please indicate here:
Response options
a) ConsenSys
b) Galileo Platforms
c) The Hong Kong Federation of Insurers
d) CryptoBLK
e) MediConCen Limited
f) FTAHK
g) The Digital Insurer

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Discussion Agenda
Opening remarks
Panel discussion

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https://www.the-digital-insurer.com/search-insurtech-directory/#
Working Together to Accelerate the Digital Transformation of Insurance
INSURTECH
DIRECTORY

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https://www.the-digital-insurer.com/search-insurtech-directory/#
INSURTECH
DIRECTORY

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Users are able to click through map logos to access digital booths on ITD
https://www.the-digital-insurer.com/dynamic-insurtech-maps/

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Dynamic InsurTech Maps
More launching soon!
https://www.the-digital-insurer.com/dynamic-insurtech-maps/

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InsurTech Analysis – deeper dive
TDI Academy – learning for the digital age
https://www.the-digital-insurer.com/dia/

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Poll 3 - Do you want to volunteer?
Would you like to volunteer to help to analyse InsurTechs
and improve InsurTech maps?
Response options
1. Yes, I’m interested
2. Possibly, please send me more information
3. Not at the moment

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www.the-digital-insurer.com
TDI Academy – virtual L&D platform on digital insurance
Digital insurance L&D Platform
Virtual
On-Demand
Preferential
Membership Certificate Mini-MBA
TDI PRIME – affordable annual membership – bring digital insurance to all your team
TDI Academy programmes

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TDI Academy – virtual L&D platform on digital insurance
Common Core Curriculum
of 56 hours
Interactive: Click on lesson title to get more info
7 x 8 one-hour lessons On-demand 24x7 MCQs for each Range of Industry Experts
= Participant rating (out of 10)
8.6
https://www.the-digital-insurer.com/tdi-academy/prime-lessons/
1. OUR CHANGING
WORLD
2. TECH ENABLERS
3. DATA &
ANALYTICS
4. VALUE CHAIN
INNOVATIONS
5. NEW DIGITAL
BUSINESS
MODELS
1.1 4th Industrial
Revolution
1.2 Our Connected
World
1.3 Power
of Social
1.4 Changing
Consumer
Behavior
1.5 More Change
Coming
1.6 Why Data
is King
1.7 Cloud
Crushes Costs
1.8 Insurance
Re-booted
2.1 Tech Trends in
Insurance
2.2 AI, Machine
Learning & RPA
2.3 Blockchain
2.4 IoT
2.5 Chat &
Voice
2.6 Immersive
Technologies
2.7 APIs &
Microservices
2.8 Tech Architecture
Best Practices
3.1 The Power
of Data
3.2 Python
Basics
3.3 Python
Intermediate
3.4 Data Visualization
& Example Tools
3.5 Machine Learning
3.6 D&A Use Cases
- P&C
3.7 D&A Use Cases
- Life & Health
3.8 Predictive
Modelling
4.1 Sales Tools for
insurance Agents
4.2 Underwriting
- Life & Health
4.3 Underwriting
- P&C
4.4 Product
Development
4.5 Service &
Administration
4.6 Claims
- Life & Health
4.7 Claims - P&C
4.8 Implementing
Value Chain
Innovations
5.1 Platforms &
Ecosystems
5.2 Microinsurance
5.3 On-demand
Insurance
5.4 Comparison
Sites
5.5 Peer-to-peer
& Community
5.6 Health &
Wellness
5.7 Commercial
5.8 Building New
Digital Business
Models
6. MARKETING &
CUSTOMER
EXPERIENCE
7. STRATEGY &
TRANSFORMATION
6.1 Data-led
Marketing
6.2 Direct Digital
Marketing
6.3 Digital Marketing
for Advisors
(O2O)
6.4 Power of
Content
6.5 Omni Sales
& Servicing
6.6 Customer
Lifetime Value &
Customer Advocacy
6.7 Customer
Experience
6.8 Out-of-industry
Use Cases
7.1 Why Strategy
Beats Execution
7.2 Regulations &
Ethics in a Digital
World
7.3 Transforming
the Old vs
Building the New
7.4 Partnership in
a Digital World
7.5 Change
Management as a
Discipline
7.6 Agile & Lean
Basics
7.7 Cultural Change
for a Digital World
7.8 How to Succeed
When Most
Transformation Fail
8.3
8.5
8.3
8.7
8.5
8.7
8.2
8.6
8.3
8.8
8.6
8.6
8.7
8.4
8.3
8.3
8.5
8.7
8.5
8.7
8.4
8.3
8.6
8.5
8.7
8.6
8.3
8.7
8.5
8.7
8.5
8.9
8.7
8.6
8.8
8.7
8.5
8.5
8.3
8.7
8.6
8.6
8.5
8.6
8.4
8.9
8.7
8.7
8.9
8.4
8.6
8.5
8.7
8.5
8.7
9.0

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Poll
Q. How interested are you in virtual learning & development programs
on digital insurance?
Response options:
1. Yes - for me & my company
2. Yes - for me
3. Yes - for my company
4. No - I think we know enough in this space
Poll 4 – Interested in TDI Academy?

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Poll
TDI Webinars – Now available on-demand
https://www.the-digital-insurer.com/events/
Partnering for
success in a digital
world
L&D in a Digital
Age
Insights to Solutions
Digital Underwriting
Partnering for
success in a digital
world
Talking Insurance
Tech
Omni Advisor – The
Future of Agency

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Feedback please!
Three ways
▪ At end of webinar using survey
▪ When you receive the recording link
▪ To TDI individually

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Contact Details
TDI Academy – learning for the digital age
Simon Phipps simon.Phipps@the-digital-insurer.com
Lapman Lee lapman@lapmanlee.com
Selina Lau Selina.lau@hkfi.org.hk
Charles d’Haussy Charles.dhaussy@consensys.net
Mark Wales markwales@galileoplatforms.com
William Yeung wy@mediconcen.com
Duncan Wong duncanwong@cryptoblk.io
Martin Kornacki martin.Kornacki@the-digital-insurer.com

blockchain in insurance - here
for good?
insights from hong kong &
beyond
Thanks for your time!
(feedback please)

Webinar:Blockchain in Insurance - Here for Good? Insights from Hong Kong & Beyond insurance

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