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Segments of Insurance market has seen limited success in adoption of Distributed ledger technology. Some unique challenges in adoption are:
- Ageing standards and operating models.
- Lack of Structured data hierarchies across the value chain.
- Operational deployment at scale across multiple organisations.
- Integration into existing enterprise infrastructure as well as two-way bridges to off-chain data sources.
- Further, the change Change has to be implemented in a heavily regulated environment consisting of multiple stakeholders from a variety of functions like legal, IT security, compliance and third-party risk controlservice partners and interested third parties i.e. Brokers, Coverholders, Managing Agents, Members and Regulator.
It is the aim of the Insurance Markets SIG to bring together practitioners from all affected functions to discuss various implementation aspects of the technology relating to Hyperledger based DLTs. This needs collaboration between business and technology. Both groups need to learn from each other as well as find common ground to solve problems. The mission of the Insurance Market SIG is to provide such a platform and a safe-space for surfacing solutions and challenges.