Digital Insurance: So why the new name?
Chris McDaniel: We have looked at the future of the risk and insurance industry and where it's going. We still strongly believe that blockchain is the foundation, but don't think it's the only tech that's necessary. You need to take analytics, AI, IOT into account as well. Having "block" in our name pigeonholed us. We want to create a "stream" of knowledge of many digital innovations.
DI: What form will that take?
CM: Currently we have a standardized blockchain platform, Canopy. We're on version 2.2 of that now. But we're going to expand into creating standardized interfaces for IoT, analytics nodes, things like that in version 3.0. It's going to expand.
DI: You recently announced a reinsurance product along with Guy Carpenter and Aon. Is that still a blockchain item?
CM: Everything falls into that category right now, because in our canopy platform we don't have the extensions created yet. Right now, the placement proof of concept that we built is a blockchain solution. But we are building the full end to end reinsurance solution. The placement process and other things that are manual really have to be streamlines and automated in the short term.
DI: How about other lines of business, what's new there?
CM: We are in production with our personal lines offerings and are building out commercial. We're also in surety bonds and worker's comp. We have been working with our friends at LIMRA since the beginning of this year on a know-your-customer solution that will focus on the death master file initially, called
DI: Anything else you want to add?
CM: Not only are we expanding in these other lines of business, but also expanding goographically. We're up into canada, and are building interest in APAC and the UK, and fully expect to have good preseences there by the end of the year. We're becoming a lot more than just U.S. blockchain.