评估去中心化金融和区块链技术在保险业的潜力

ASSESSING THE POTENTIAL OFDECENTRALISED FINANCE ANDBLOCKCHAIN TECHNOLOGY ININSURANCERuo (Alex) JiaDirector New Technologies & Data, The Geneva AssociationAssociate Professor of Insurance, Peking University The Geneva AssociationThe Geneva Association was created in 1973 and is the only global association of insurancecompanies; our members are insurance and reinsurance Chief Executive Officers (CEOs).Based on rigorous research conducted in collaboration with our members, academicinstitutions and multilateral organisations, our mission is to identify and investigate keytrends that are likely to shape or impact the insurance industry in the future, highlightingwhat is at stake for the industry; develop recommendations for the industry and forpolicymakers; provide a platform to our members and other stakeholders to discuss thesetrends and recommendations; and reach out to global opinion leaders and influentialorganisations to highlight the positive contributions of insurance to better understandingrisks and to building resilient and prosperous economies and societies, and thus a moresustainable world.Geneva Association publications:Pamela Corn, Director CommunicationsHannah Dean, Editor & Content ManagerKelly Gailey, Communications & Events ManagerSuggested citation: The Geneva Association. 2023.Assessing the Potential of Decentralised Finance and Blockchain Technology in Insurance.Author: Ruo (Alex) Jia. August.© The Geneva Association, 2023 All rights reservedwww.genevaassociation.orgPhoto credits:Cover page – Karsten Winegeart on unsplash 2 ForewordExecutive summary1.Introduction2.DeFi/blockchain insurance: The fundamentals2.1Concepts, key features and underlying technologies2.2DeFi/blockchain insurance vs. conventional insurance2.3Insuring DeFI/blockchain exposures3.The DeFi/blockchain insurance market: Cases and empirics3.1Overview3.2Nexus Mutual: A DeFi insurance alternative for a new business model3.3B3i: Blockchain re/insurance for efficiency3.4AnnChain (ZQAlink): Blockchain insurance for new business opportunities3.5Summary of case studies3.6Empirical evidence: Impact of DeFi/blockchain insurance4.DeFi/blockchain for more inclusive insurance5.Hurdles and risks6.Conclusions and recommendationsAppendixReferencesContents 56812131718192021232425262832363940 ACKNOWLEDGEMENTSThis publication is a product of the New Technologies & Data work stream of The GenevaAssociation, sponsored by LEE Yuan Siong, Group Chief Executive & President, AIA Group.We are grateful to the following experts and executives who made themselves available forinterviews or provided editorial contributions:•Michael Drobac, Director of Global Legal, Compliance and Regulatory, AIG•Atsushi Izu, Head of London Innovation Lab, Dai-ichi Life•Hugh Karp, Founder, Nexus Mutual•Christoph Krieg, Strategy Manager, ZA Tech•Caleb Rockstone, Innovation Consultant at Reinsurance Solutions, Swiss Re•Bruno Scaroni, Group Head of Business Development & Innovation, Generali•Bill SONG, CEO, ZA Tech•Blythe Walker, Chief Technology Officer, Renaissance Re•Lutz Wilhelmy, Risk & Regulation Advisor, Swiss Re•Jiahua (Java) XU, Associate Professor on Blockchain Insurance, University College London•Sheng YANG, CEO, ZQAlink•Tong YU, Professor of Finance, University of CincinnatiWe would also like to thank the members of the working group, established in supportof our New Technologies & Data research activities, namely: Nida Gorkem (Ageas); TomGerritsen, MinWoo LEE (AIA); Esra Öge (AKSigorta); Tim Skates, Owen Morris (Aviva);Camille Nibéron (AXA); Raman Murali (Chubb); Jenny Williams (Convexin); NoriyoshiHosokawa, Jiro Kamiko, Shin Nakayama (Dai-ichi Life); Ryan Cole (Everest Re); BrunoScaroni, Gianfranco Vecchiet (Generali); Chris Dolman (IAG); Chris Reid (Intact FinancialCorporation); Andrés Hevia (MAPFRE); Hiroyuki Hara, Toshifumi Takase (Nippon Life); JingXIAO (Ping An); Anna Mejlerö (Swiss Re); Carla Marnet (VidaCaixa); and Adriano Chioetto(Vittoria Assicurazioni).Thanks also to Pieralberto Treccani (The Geneva Association) and Yiwen (Eva) Zhang(Peking University) for their invaluable research support. 4 Foreword In our increasingly interconnected world, where rapid technological development contin-ues to reshape the global landscape, decentralised finance (DeFi) supported by blockchaintechnologies has emerged as both an opportunity and challenge for the insurance industry.We are pleased, with this report, to provide an analysis of key considerations for insurers.DeFi and blockchain technologies are ushering in a new era of smoother customer expe-rience and easier claims management. By facilitating inclusive insurance solutions, theymay play a transformative role in empowering underserved communities. They also enablepolicyholders to share data more securely with insurers and others – protecting sensitiveinformation in transactions and fortifying the industry against fraudulent activities.The positive knock-on effects of DeFi and blockchain technologies