It is our pleasure to provide our community with another update on our progress.
After our 3 prototypes, one of our partners has now asked us to produce a commercial version of one of the prototypes. So, we have commenced building the actual product and the infrastructure to support it. We are looking forward to the launch, which we expect to be at the end of Q1 2019.
As we progress we learn that one of the major challenges that are that our partners tend to move at a different pace than we do. We are small, quick and nimble whereas insurers and authorities are big and need to navigate through complex processes and procedures which take a lot of time. We can take more risk whereas other stakeholders in the process prefer to move at a slower pace and prefer to take less risk on innovation.
This has initiated a few adjustments to our strategy;
1. We will engage with our key partners on as broad a level as we can (rather than focus on a single product), so that we have multiple initiatives going at the same time and switch resources across as and when required
2. We will develop fully featured MVP products (rather than PoC’s) and offer them to multiple underwriters (provided there are no proprietary knowledge /non-disclosure issues).
3. Besides products, we will also focus on insurance processes (such as insurance compliance, claims, operations, controls, risk, etc.) that benefit from DLT.
We are working and pushing hard to keep the pace up so we can quickly deliver some real use cases that will demonstrate the use of DLT and smart insurance. We have so many concepts. They all take time to socialize, be accepted, implemented and adopted. So we are keen to get some of them to enter a production environment.
As we move along we expect the speed of innovation to pick up and hopefully we are not too far away from reaching the tipping point where insurers see the huge potential and impact of what we are building and pick up the pace of change.