AIA Innovation Award Presentation
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Nominee for The Digital Insurer's Asian Insurance Innovation Award
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AIA Innovation Award Presentation
- 1. AIA & Blockchains. AIA Edge.
- 2. AIA Edge. Corporate Learning Agenda: Internal & R3CEV Creation of Virtual Blockchain Studio to begin research and understanding the technology Joined the R3CEV Blockchain Consortium Public: Access to Knowledge, Partners Private: Use knowledge for in-house problem solving We can decide what is appropriate/not appropriate for AIA
- 3. AIA Edge. Where we are today: Initiative Summary and “Bias to Build” Learning from work already underway on KYC/AML Start Simple: Personal Accident smart contract under construction. Digital Will smart contract for AIA Customers. Group Investment investigating Collateral Management Use Case with BNP Paribas (Also R3 member) Research Project on how a health insurance contract is impacted and the value to AIA, Country and World impact.
- 4. AIA Edge. Personal Accident Smart Contract
Editor's Notes
- Although we have been aware of the technology for sometime as part of our horizon scanning function, the Blockchain studio was formally created at the beginning of April this year to begin research and seek to understand the technology in a much deeper fashion as we concluded that the time was right for the technology in an Insurance space. Discussions with and joining R3CEV Consortium in June: 1st Pan Asian insurer to do so, recently joined by Metlife Public: Access to work and knowledge already undertaken by the banks (55 of world’s largest) – Leadership role in industry for AIA to shape agenda Private: Studio to undertake in house projects for competitive advantage and future proofing What is appropriate for AIA, what is not. Distributed Ledger applications are appropriate in three core circumstances at AIA Where process transparency can lead to process efficiency through a single distributed version of the truth (internal / external). Where staff currently exercise manual logical judgement in the determination of contract execution. Where there is high potential for fraud between multiple parties in the value chain: agents, providers, customers and staff.
- Know Your Customer and Anti-money Laundering use case with banks Personal Accident Smart Contract under construction Digital Will smart contract for AIA Customers which will be legally signed and stored on the blockchain to execute manual disbursement of estate processes… It will alert AIA to begin Insurance contract settlement without the need for customer to contact us OR find the will stashed in a “safe place”! We can potentially make a very painful time easier for our customers. Collateral Management with Custodian Banks under investigation with Group Investment Research Project on the Value of Blockchain to AIA, Singapore Healthcare Economy, Asia with EDGELab partners NTU