29 Insurance reinvented with SSI

 

David Harney and Jamie Smith

    Insurance is an information- and relationship-intensive business—so it is no wonder that it is one of the industries where SSI is quickly gaining a foothold. This chapter is a collaboration between a lifetime expert in the insurance industry—David Harney, group CEO of Irish Life—and an SSI expert—Jamie Smith, Senior Director of Business Development at Evernym.

    29.1 Introduction

    Put simply, self-sovereign identity (SSI) will transform how insurance is designed, how it operates, and how it is experienced. Expect services to become completely seamless and personalized. New processes will change how data is sourced and shared, with individuals becoming the couriers of their own data. In fact, data portability will become table stakes.

    The world of connected things won’t be left behind either, as SSI will usher in a new generation of intelligent devices ‘at the edge’, disrupting everything from supply chains to personal healthcare.

    SSI is going to matter deeply for insurance companies. They’ll be able to develop richer, longer-lasting relationships with customers, and develop smarter insights to inform pricing and risk analyses. SSI will help organizations reduce fraud,[1], lower costs,[2] and ultimately get better at data compliance. They will also be able to innovate with new insurance products and services, for example around data integrity and authenticity.

    29.2 A radically new customer experience

    29.2.1 Sorting insurance for their new home

    29.2.2 Telling everyone

    29.2.3 Getting the right policy at the right time

    29.3 It’s possible with self sovereign identity tools today

    29.3.1 New digital credentials

    29.3.2 New digital relationships

    29.3.3 New seamless data flows

    29.3.4 Governance Frameworks

    29.4 What this means for insurers and the industry

    29.5 A full reboot of the insurance industry

    29.6 The challenges for SSI across the insurance industry

    29.6.1 Higher-risk customers excluded from affordable cover

    29.6.2 A digital divide becomes a data divide

    29.6.3 The wealthy can afford their privacy

    29.6.4 Over-collection by design