Fifth Step attended the Monte Carlo 2018 Rendezvous to get the lowdown on what is happening in the complex world of reinsurance. The major story from our point of view was that Lloyd’s would reject any syndicate business plans that do not show a reduction in expenses for 2019, according to performance management director Jon Hancock who was talking to Insurance Insider magazine.
Fifth Step's Darren Wray will provide an overview of GDPR, but with less than 100 days to go until enforcement, firms are encountering issues and have questions that they need to get some guidance on.
In recent years as it has become increasingly clear that technology, IT leadership and project management skills need to become an essential weapon in a modern insurance company’s armoury. That’s why I made a point of attending this year’s Monte Carlo Reinsurance Rendez-Vous to see if there was anything I could take away from the event that would be of interest to Fifth Step’s CIO and IT Leader clients, and which they should be aware of from RVS 2017.
Welcome to my first new blog of 2017. At the end of last year I began writing a series of blogs on blockchain and smart contracts. The other area where I can see smart contracts adding value in 2017 is in reducing the amount of fraud that exists today in the US healthcare system.
In this podcast we talk about some of the trends that CIOs should be looking at during the course of 2017, including Ransomware, Blockchain & Smart Contracts, Big Information, Data Protection, and Efficiency & Innovation.
In this series of blogs on blockchain I have assessed the potential applications for the technology. The resilience aspect of Blockchain is very interesting.
What is a distributed ledger? A ledger is just a list of transactions. It can contain additional information, of course, but it is not supposed to be gigabytes of data per transaction. You may have lots of blockchains that could connect together but the key aspect is that it is a chain.
Blockchain is very much software infrastructure, something that in years to come may exist at the heart of many systems but not referred to. According to Nuttall; “Bitcoin is the next big protocol associated with the name Satoshi Yakamoto who is a person that doesn’t actually exist. That is quite scary – we are talking a new protocol and technology and we don’t even know the person that created it! Leaving that aside, the protocol is Bitcoin but the technology that underpins it is Blockchain.”...
What is it about the blockchain, the so-called distributed ledger that along with smart contracts seem set to take the world – that includes our inwardly facing insurance sector - by storm?