New Kids on the Blockchain

Prestige Worldwide (wide) ((wide)) (((wide)))

CHESTERFIELD

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Technologies Used

AngularJS
bluemix
Balsamiq

Project Team

Christina Gerst
johnnyprester
jonathan.bolhofner
ckeller
bbuddha

This team is looking for

Product Manager Investor
REQUEST TO JOIN

About

Let's make RGA a househould name and Blockchain a household product... We are proposing a revolutionary approach to the consumers' insurance buying experience. By leveraging the immutability and trust that comes with blockchain technology, we will develop a network with partnered insurance companies on the basis of immutable consumer-owned data. .................................................................................................................................................................................................................................................................. Problem/Opportunity in the Market: Consumers don’t have enough control over their insurability. Additionally, there is a redundancy in the market because immutability and trust aren’t present; there could be more data sharing and transparency between insurers. Solution/Opportunity: Empower the individual to take control of their insurability. Add trust and immutability to the exchange of data by leveraging the capabilities of blockchain technology. Benefits to RGA: Allows us to share our data and expertise in a monetized way. Benefits to Direct Writers: Saves partner direct writers money in the form of underwriting costs. Benefits to Insured: Offers an attractive and marketable product, and they have ownership of their own data and the ability to share it. Everyone wins… Why?: Insureds win because they can leverage their own data to get even more fair with continuous underwriting and variable premiums that encourage the insured to participate in healthier behaviors. Insurance companies win because they have access to higher quality and immutable data at a lower cost from RGA, and, finally, RGA wins because of the fees brought in from direct writers and being a central point in the new segment of the market that is being utilized, as well as growing a reputation of being an innovator. Ultimately, the consumer will take their individual blockchain to one of our partners and through that, we will gain the business. Additional benefits: Having immutable data could potentially reduce some types of fraud. Additionally, this blockchain data could be expanded further into non-insurance markets and be used for predictive analytics for businesses based on the consumer behavior tracked by their blockchains.

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