It is our pleasure to provide our community with an update about our progress.
Developments go according to plan. Fun prototypes, great engagement, good progress, and a high hopes to really be able to make insurance better.
We have built the scheduled 3 prototypes of blockchain-, smart contract driven-, insurance. We published our Dry Commute and Dengue insurance in past months. The third one is Event insurance. This will be ready for publication and demonstration in the weeks to come.
The prototypes have been very helpful in supporting a deeper understanding of the possibilities that blockchain brings to the insurance industry. Building prototypes are one thing but are still a far cry from building real operational insurance products and processes that can serve as practical use cases for the application of our approach and technologies. To that end our partnerships with 3 of the largest insurers in the region are invaluable. It is exciting to see how we are able to benefit from each other’s expertise and understanding and how our cooperation and trust is deepening and generating tangible benefits.
Figuring out the technology can be challenging. To develop people’s mindset and to adjust processes, procedures, regulations and “ways of doing things” appears as big a challenge as finding and implementing technical solutions. A big part of our job is to help take away concern and “cold water fear” amongst all stakeholders.
Our partners are fantastic. All 3 of them are very engaged at multiple levels and have tied in multiple layers in their respective organizations. The Proof of Concepts we do with them is of a diverse nature. It ranges from new product development to process improvement. For the reasons just mentioned these processes take a little time, but promising they look. We expect to be able to go public with these in Q1 2019. By that time Zilliqa should have launched their main net and have some basic supporting infrastructure in place. Initially, use of blockchain will, however, be somewhat restricted to use of private blockchain with public blockchain following when approaching full scale.
What we have learned and can share is that blockchain will indeed fundamentally change insurance as we know it. It will offer insurers much better control over processes by design and better use of data. It will reduce costs given a meaningful reduction of manual processes and improved record keeping. All of this will enable new product opportunities that did not exist in the past for practical and economic reasons. Our applications will reduce claim costs, not only by detecting fraud but also by taking precautionary actions. Meanwhile, customers will benefit from cheaper insurance with processes that become effortless and move from being bureaucratic and tedious to being convenient and caring.