A project of blockchain-based insurance

I worked as a senior manager of a large insurance company. I am planning to develop a new project of blockchain and hope it to be the basic framework for future blockchain-based insurance. I would like to discuss with anyone interested in it, especially blockchain developer. I am now living in NYC, USA.

Bio of Dr. Wu

Dr. Wu has rich experience in Fin-Tech. He has worked as director of a branch company and
department director of a Fortune Global 500, and his qualification for senior manager of
insurance company has been verified by China Insurance Regulatory Commission (CIRC). The
main scholarly work of Dr. Wu include the book Revolution in Finance, which is the first one in
China in the arena of internet finance. He has been working in People’s Insurance Company
of China (PICC, ranked 114 in the Fortune Global 500) for 15 years, wherein he has been
worked for PICC Property & Casualty (PICC P&C, the biggest non-life insurer in Asia) for 14
years. During his tenure at PICC P&C, he has worked in Dept. of Planning and Statistics,
Secretary Bureau of Board of Directors, Dept. of Personal Insurance Marketing, Dept. of
Accident & Health Insurance. From 2008-2010, he worked as Vice General Manager of a
branch company and managed a group of ~1000 personnel, and was the youngest branch
leader in PICC P&C. During the period of 2011-2015, Dr. Wu worked as director of
headquarter research center, and was in charge of multiple areas such as Telematics (UBI)
text mining, user profile, EDM, speech recognition, knowledge platform, and etc. Since 2016,
he has been working as General Manager of Dept. of Strategy and Incubation of PICC Finance
Service Company, which is the first finance service company in the area of insurance in China
with focus on internet finance, where he leads Innovation Incubation of internet finance and
venture capital investment. Prior to PICC, Dr. Wu did research in internet finance at Peking
University Research Center of Internet Economy in 2000. The constant endeavors in multiple
areas of Fin-Tech in the past 20 years, including product development, underwriting, claims,
marketing, information technique, big data, optimization of business process, planning and
statistics, performance evaluation, strategic planning, and venture capital investment, has
equipped Dr. Wu with multifaceted experience and interdisciplinary sharp insights. Now he’s
especially interested in internet finance, big data, AI, blockchain and investment.

Comments

  • champychampy Member Posts: 5
    Anyone can contact me by email.
    [email protected]
  • tropicofcancertropicofcancer Member Posts: 2
    It's very interesting. I already have insurance in the insurance company General , but I don't know if they provide similar services. Maybe it makes sense to find out this thing in more detail.
  • champychampy Member Posts: 5

    It's very interesting. I already have insurance in the insurance company General , but I don't know if they provide similar services. Maybe it makes sense to find out this thing in more detail.

    Thanks.
    The blockchain-based insurance have many advantages:
    1.much cheaper price and lower cost, especially for some simple and standard product, because it can save most management cost;
    2.trustable, less uncertainty, de-centralized mechanism could let policy holder make sure he(she) could get the compensation after claim other than refused by tranditional insurance company;
    3.service, more standard and quickly. All claim can be delt with soon and automatically.
    4.sharable, the policy holder and shareholder can share the profit.
    ......

    Actually many technologies has been matured in traditional insurance company, but the revolutionary business model couldn't work in traditional company.
  • champychampy Member Posts: 5
    Today I tested a simple contact (open source code on internet). I hope I can develop a simple project in the next month.
  • jmsjrjmsjr Member Posts: 43
    I work for the 2nd largest insurer in the world ( according to Forbes ), but not in the head office, but in Australia. I attended an event last year called "Insurance on the Blockchain" ... a lot of insurers have already developed in-house POC blockchain solutions, other worked with one of the Big4.

    I heard of a shipping company used blockchain to replace all of those paperwork to track items in shipping containers ( so everyone, including the insurer, gets the same copy of what, where, and when ) , even included an IoT to track where it is at the moment ( e.g. GPS coordinates that it is in the open sea ).

    What are you actually trying to achieve ?
  • champychampy Member Posts: 5
    Sorry for late.
    Actually I hope to establish a totally online and intelligent contracts to replace the function of traditional insurance company, not only to replace part of the traditional work in insurance company. That means I will put the entire traditional process including underwriting, claim, and others in the intelligent contracts and other new business model, that's why I call it a revolutionary work.
    In the past 2 years I studied some details in insurance, technology of blockchain and some practices of internet company in China. I think it will be realized partly in at most 10 years.
    In recent 6 months I thought about the possible business model and plan to start from some simple and easy products and procedures.
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