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P2P Critical Illness Insurance on Blockchain/Smart contract How decentralized solutions bring transparency into health insurance +7 499 707 07 37 www.sberbank-insurance.ru PROBLEM Inefficiencies The fast administration of Claims is not only a legal obligation of an insurance firm, but a strong public relations and marketing strategy. The problem of running an effective claims administration has remained too long in the insurance industry. 2 PROBLEM Insurance is expensive and lacks transparency Insurers are less trusted commercials in the world ever 14 % only Customers satisfied with current communications from insurer High transaction cost and commission makes insurance not affordable 3 SOLUTION P2P (peer-to-peer) Idea to make insurance easier and more affordable for customers Use shareconomy approach to create pool of customers for protection against cancer In the event of bigger claims, Sberbank Life Insurance company covers any amount that exceeds the coverage through the group 4 SOLUTION BlockChain/Smart contracts o Blockchain can improve customer engagement by providing a greater degree of transparency o Blockchain can explain the structure of tariffs and claims’ handling o Blockchain can enable the automation of claims’ handling o Blockchain can reduce operation costs 5 SOLUTION WHY CANCER No specific underwriting required of total cancer cost are non-medical Low risk of fraud Great social impact and customer protection Many basic health insurance plans don’t cover astronomical costs that could be associated with its treatment of a cancer diagnosis 6 How we managed MVP BlockChain MVP Blockchain p2p visualization SberCoin Client SmartContract Initiation SmartContract triggered Coins to Wallet Visual P2P Image 8 BlockChain and Classic Claim Management in parallel blockchain p2p visualization SberCoin SmartContract Initiation SmartContract triggered Coins to Wallet Visual P2P Image Smart Contract Oracle (Current Solution) Client Old fashioned policy Claim reviewed classical claim management (in tribute to regulations) Claim approved Bank Payment 9 BlockChain Future SberCoin Client SmartContract Initiation SmartContract triggered Coins to Wallet Smart Contract Oracle connected to HCM Database Visual P2P Image Payment 10 TREE OF LIFE insurance visualization 11 TREE OF LIFE insurance visualization Tree is symbol of Sberbank Life Insurance 12 TREE OF LIFE insurance visualization Every client/policy is a new leaf on this tree Tree is symbol of Sberbank Life Insurance 13 Leaves arranged into branches by company or city TREE OF LIFE insurance visualization Every client/policy is a new leaf on this tree Tree is symbol of Sberbank Life Insurance 14 TREE OF LIFE insurance visualization When shit cancer happens with any leaf it fades black 15 TREE OF LIFE insurance visualization When shit cancer happens with any leaf it fades black Other leaves from the same branch or nearest branches send “energy of life” to support faded leaf 16 TREE OF LIFE insurance visualization When shit cancer happens with any leaf it fades black Other leaves from the same branch or nearest branches send “energy of life” to support faded leaf Black leaf could send big “Thank you” back 17 TREE OF LIFE insurance visualization When shit cancer happens with any leaf it fades black Other leaves from the same branch or nearest branches send “energy of life” to support faded leaf Black leaf could send big “Thank you” back Statistics of collected premiums, paid claims and reasons (unnamed diagnosis) are clearly shown on the tree 18 MVP RESULTS • • • • Fully transparent solution - Fully transparent tariffs P2P Insurance online infographics is comprehendible even for newcomers Provide new experience and engagement for users within the old industry like insurance New touch to such matters as: cancer, health protection and charity 19 Claim management FUTURE 1 millisecond from diagnosis to money in the pocket: o Fully automated integration with Russian Healthcare Ministry database o Insurance payment at the same moment as the diagnosis is confirmed 20 Charity 1. If there will be no claims submitted annually by Sberbank pilot customers, pool members will select either to continue their policy or to contribute to the fund that fights with child cancer. 2. The process of charity fund selection will also be transparent thanks to BlockChain/Smart contracts mechanisms. 21 SPASIBO! March 2017 Moscow +7 499 707 07 37 www.sberbank-insurance.ru
