Enabling real-time validation of broker licensing.
Innovation Project Description:
This project is Part Four in the Cookhouse Lab Blockchain & Insurance series. In Part One, the project team developed a set of blockchain use cases. The use case we will address in this Part Four project was selected from the top use cases identified in Part One. The purpose of projects within this series is for participants to develop prototypes that will demonstrate how blockchain technology could work and add value within the insurance industry.
Insurers have a responsibility to confirm that they are selling business through brokers who are licensed in the province in which the business has been written. Currently, each insurer has their own licence validation team, systems and processes. The platforms supporting broker licensing information are maintained by various provincial regulators.
There is room for improvement within the existing environment. Often there are delays in the uploading of licence allocations, renewals and suspensions. Further, insurance companies must perform manual checks to confirm whether or not a broker is licensed. With no automatic way of validating a brokers’ licence in real time, insurers are at risk of receiving fines or losing their licences.
Blockchain offers the opportunity to enable organizations within the insurance industry to share and access information securely. In this month-long Cookhouse Lab project, participants will work to develop an MVP using blockchain technology to enable the real-time validation of broker licensing, for use by insurance organisations.
Apply to this project by submitting the form on the right. >>
Each innovation project will begin with a Lean Startup mindset followed by the phases of Design Thinking supported by a variety tools with the ultimate goal of creating a business case and a Minimum Viable Product (MVP).
- Open innovation project for Cookhouse Lab members
- Project team will consist of members from different insurers and reinsurers
- Sprint: 4 Weeks
- Start: Aug 7, 2018
- End: Aug 31, 2018
- Apply by: July 31, 2018
- Insurance & Reinsurance (all regions worldwide)