Best’s News & Research Service - August 13, 2018 11:26 AM (EDT)
A.M. BestTV at VCIA: Better Movement of Information Via Blockchain Should Spark Captive Growth, Say Executives
- August 13, 2018 11:26 AM (EDT)
Oldwick //BestWire// - In this A.M.BestTV episode from the annual Vermont Captive Insurance Association (VCIA) conference in Burlington, VT, Rocco Mancini, consultant, captive solutions, Marsh, and Havell Rodrigues, chief executive officer, Adjoint, said industry participants and regulators have seen the benefits of blockchain technology and are taking early steps to widen its adoption.
Click on http://www.ambest.com/v.asp?v=blockchain3818 to view the entire program. For full video coverage of the VCIA 2018 conference, including exclusive executive interviews, visit http://www.ambest.tv/vcia18 .
Mancini spoke about how the blockchain is affecting the insurance industry.
“I think in the short term, there will be a lot of opportunities for operational efficiencies,” said Mancini. “It could be as simple as finding more efficient ways to handle claim payments or at multinational business units, where there are multiple regulations, sharing data and information freely. … Blockchain creates the opportunity to share information, making sure that it is immutable.”
Rodrigues highlighted the challenges the captive industry faces using blockchain technology.
“There are just so many inefficiencies in the captive insurance industry,” said Rodrigues. “Movement of premium payments, tracking the payments made by a local subsidiary that is part of a captive, as well as making sure payments are going to the right location at the right time, are all currently challenging for the industry. If the industry can address these challenges and create streamlined processes where data and information about money is moving very smoothly, I believe that the captive industry is going to probably grow from where it is today.”
Other VCIA-related episodes of A.M.BestTV include:
- Insolvencies Tied to RRGs Formed for Short-Term Reasons, Says Medical Liability Panel: Captive experts say that some risk retention groups (RRGs) that were formed to take advantage of temporary hard-market conditions had poor outcomes compared with RRGs that pursued better underwriting and reserving practices: http://www.ambest.com/v.asp?v=medmalrrg818 .
- Soaring Risk: Panelists Explain How They Launched a Hang-Gliding RRG: Risk professionals behind a RRG devoted to covering hang gliders and their associations describe how they crafted their own risk solution after losing traditional coverage: http://www.ambest.com/v.asp?v=hanggliding2818 .
- Traditionally Low Profile, the Captive Sector Draws Increasing Scrutiny: Executives say captive insurers are drawing increased attention from regulators, tax authorities and their own sponsors: http://www.ambest.com/v.asp?v=vcia1818 .
- Rated Captive Insurers See Strong Performance Compared With Commercial Peers: A.M. Best Associate Directors Susan Molineux and Fred Eslami say the performance of rated captive insurers once again outperformed their counterparts in the commercial casualty segment: http://www.ambest.com/v.asp?v=vciaadvance818 .
A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View A.M.BestTV episodes at http://www.ambest.tv .
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