Established in 2024, the Blockchain and Fintech working party will be focused on the transformative potential of blockchain technology in the insurance industry and the role that actuaries can play in that regard. 

This group will delve into blockchain’s promising role in micro-insurance and financial inclusion and its significant promise in streamlining the insurance applications, business models, and underwriting process, for example in medical insurance through the use of smart contracts.

Key Objectives:

The research will investigate the evolving impact of these technological advancements in the insurance industry – especially on actuaries’ roles – within the rapidly expanding field of decentralised finance (DeFi). By comparing these emerging responsibilities with traditional actuarial roles, the group aims to offer strategic recommendations that position actuaries at the forefront of this dynamic sector. Our focus will be on equipping actuaries with the insights and tools necessary to lead and innovate in the realm of DeFi, ensuring that the profession remains adaptable and forward-thinking in a rapidly changing financial landscape.

Additionally, given the increasing adoption of blockchain by various sectors, including banking – a key client segment for insurance companies – it’s crucial for actuaries to understand and model the associated risks accurately. This working group will serve as a platform for actuaries to grasp the intricacies of this technology, enabling us to evaluate its impacts more effectively and stay ahead in a rapidly evolving digital landscape.

Our goal is to create a collaborative space for sharing knowledge, discussing challenges, and identifying opportunities, thereby equipping actuaries with the necessary tools and insights to navigate and contribute to this emerging domain.

Chair: Mohamed Aly Soliman