Edgelogic provides a bridge between the Internet of Things Endnotes – devices connected to the internet – and a blockchain, 1. “Blockchain Tackling Insurance Woes”, Mario Cotillard, conceivably allowing accidents or problems detected by Brave NewCoin, July 2015. See also: http://bravenewcoin. sensors in the home to trigger a set of instructions that com/news/blockchain-tackling-insurance-woes/ 5 2. See: http://novarica.com/Bitcoin-and-insurance-overview- automatically transfer cash for repairs from an insurer. and-key-issues/ 3. “Bitcoin: possible bane of the diamond thief”, Sally Adopting a common blockchain across the sector could Davies, Financial Times, February 2015. See also: create a step-change in value in the insurance industry: http://www.ft.com/cms/s/0/f2b0b2ee-9012-11e4-a0e5- claims-handling could become more efficient and 00144feabdc0.html#axzz3Qm7XPPbZ 4. See: https://www.insurancefraudbureau.org/insurance- streamlined, resulting in an improved customer experience. fraud/crash-for-cash/ Such an approach could also help to reduce further, if not 5. “Bitcoin: possible bane of the diamond thief”, Sally entirely prevent, fraud if identity management was also Davies, Financial Times, February 2015. See also: http://www.ft.com/cms/s/0/f2b0b2ee-9012-11e4-a0e5- enforced on the blockchain – meaning that criminals could 00144feabdc0.html#axzz3Qm7XPPbZ no longer crash for cash, or exploit the current challenges of sharing data unless their methods for obscuring identities became significantly more sophisticated. Contact Implications Alexander Shelkovnikov Corporate Venturing and Blockchain Lead A common claims-handling platform would still make it +44 (0) 20 7303 8895 possible for individual insurers to compete for customers, [email protected] offering a range of products and prices by virtue of the smart contracts they set up. Moreover, a blockchain could allow the industry as a whole to streamline its processing and offer a better user experience for customers who have to make a claim. Simultaneously, storing claims and customer information on a blockchain would cut down fraudulent activity – it would certainly make it much harder for criminals to mask their identities or attempt to claim more than once. Indeed, in many respects, with projects like the IFB now long-established, the general insurance industry faces a smaller cultural and organisational hill to climb than does banking and other sectors. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms. Deloitte LLP is the United Kingdom member firm of DTTL. This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this publication. Deloitte LLP would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances. Deloitte LLP accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication. © 2016 Deloitte LLP. All rights reserved. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 2 New Street Square, London EC4A 3BZ, United Kingdom. Tel: +44 (0) 20 7936 3000 Fax: +44 (0) 20 7583 1198. Designed and produced by The Creative Studio at Deloitte, London. J3980 J3975_BlockchainInsert.indd 4 15/01/2016 17:00