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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

Chain B – Blockchain enabled Insurance in China

In Action Summary

Chain B is a Chinese blockchain startup that is the first blockchain startup in China to target the hyper-competitive insurance industry.

Chain B was founded in 2016 and CEO, James Gong, has summarised his company’s motivation to launch blockchain-backed insurance products: “The insurance industry is a very interesting space for blockchain. A decentralised network can provide multiple validation points for claims without the costs associated with traditional insurers loss adjusting process”.

Chain B is first step towards Blockchain adoption in China

Chain B is the first InsurTech startup in China aiming to drive Blockchain adoption in China, with more established players such as Ping An also making moves into the field.

As with all Chinese insurance startups, user acquisition is a challenge. To address this, Chain B is partnering with local blockchain evangelists in order to acquire an initial customer base. Additionally, Chain B will focus on niche insurance products such as redundancy insurance and renters default insurance. Finally, claims will be validated through the authorization of multiple participants (fellow policy holders) along the blockchain.

Ultimately, the Chinese Insurance Regulatory Commission is currently monitoring blockchain based startups very closely. As blockchain based currencies are not considered legal tender in China, they cannot be exchanged for RMB within China. In China, insurance blockchain startups such as ChainB are carefully treading the line between using blockchain to facilitate claims validation and claims processing. The former is open to innovation as per regulatory rules, the latter cannot be encroached upon by Chinese insurance players.

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