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Rome, June 25, 2018 - The first trial of Blockchain technology in the insurance field has kicked off thanks to an initiative led by ANIA with the collaboration of Reply, CeTIF- Università Cattolica and with the participation of IVASS in the Scientific Committee. The chosen project is an Alternative Dispute Resolution (ADR) service for resolving disputes between customers and insurance companies dealing with motor TPL in the pre-litigation phase.
The project is part of the Insurance Blockchain Sandbox , a unique and controlled virtual venue for testing real use cases with high innovative impact with the active participation of companies, consumers and the various stakeholders involved in the insurance process.
The work of Sandbox is directed and supervised by a Scientific Committee composed of representatives from IVASS, ANIA, CeTIF- Università Cattolica , Reply, companies and intermediaries involved in the experimentation.
The benefits of being able to follow the possible implementations of Blockchain in the insurance sphere, anticipating market development factors, possible regulatory needs, and repercussions on consumer protection and supervisory activities, are obvious for all parties participating in Sandbox .
The main stages of the ADR project involve the exchange, through the blind auction mechanism, of the amounts entered into the platform by counterparties for the settlement of a legal-value dispute settled on the basis of the parameters defined for the trial, accepted by the client/legal counsel and guaranteed by the Trusted Smart Contract at Blockchain (a computer protocol that facilitates the execution of a contract).
Axa, Cargeas- Cardif, Cattolica, Generali, Helvetia, Reale ITES GEIE, Sara and Zurich have joined the project.
"Thanks to this initiative," said Maria Bianca Farina, President of ANIA, "we intend to test in a concrete and practical way the potential of Blockchain technology by applying it to an initial use case useful to our industry. In this way we could bring to system the benefits we will be able to draw during the experimentation to facilitate the operations of all companies. Our ambition is to proceed with other projects so that we can make practical and effective use of such a powerful technology not only for insurance companies but for the whole market."
For information please contact.
Lisa Jolanda Pasolini (phone: 02.7234.2590 e-mail: lisajolanda.pasolini@unicatt.it)
CeTIF The Center for Research in Technologies, Innovation and Financial Services (CeTIF) has been carrying out studies and promoting research on the dynamics of strategic and organizational change in the financial, banking and insurance sectors since 1990. Each year it activates more than 15 Competence Centers, Observatories and HUBs, in which the 20,000 professionals who make up the network of CeTIF can participate, and organizes more than 10 workshop dedicated to banking and insurance, with the aim of fostering among participants the exchange of experiences on specific issues and the adoption of innovative practices. Added to this are international research projects carried out in collaboration with leading università and analytical and research activity companies in the market. Its institutional partners include the Bank of Italy, ISVAP, ABI, ANBP, ANIA and CONSOB. In addition, CeTIF is a founding member of FIT: the European Association of Research Centers on Finance and Information Technology. www.cetif.it
ADR press release