Blockchain insurance innovation insights from Tata Consultancy Services
Pratap. Thank you for joining us today. Could you please give us our listeners. A quick introduction on yourself. Yeah but at optum quantify years of it expedience have been working in insurance commercial insurance primarily since twenty seven. And i've been working in blockchain's and insurance since Wouldn't be fifteen august. And i'm passionate about multiple editing and my expertise. Elliot's group at a stop modeling blockchain's insurance on morton's liberty and climate change anybody passionate about those are the key things about indeed. I think we also have common passions both on blockchain but also on on climate change. So it's great to have you with us on this show our top as you're quite familiar with the shows we're going to start off with our first question. Which is could you please explain our listeners. What is blockchain. And how does it work. Yeah so blockchain and the slightly order term and get used for. dlt's also. I really shared this particular simplified description which is more applicable to then a purist blockchain description since that is my focus so normally using a client create and propose transaction to one or more web servers run by one party. Typically one server validates that transaction and different. There's okay then process sincere in blockchain more. Dlt really using a client. We propose transaction to multiple servers run by different parties which validated on action. And if okay together consensus process and if the consensus was a succeeds then the process the transaction and save it and they typically the blockchain varies from here on that. It saves it in that particular blocks but in the deal. The doesn't necessarily so. That's basically how we how i would explain what blockchain us thank you for that so To continue as could you also give us an introduction to tata consultancy services. Yes oh pcs fifty already. Services company grand old. We are part of the group one of the largest and most espn. She conglomerates on the planet attack loop gets much more revenue from india then from insane india out of it stolen hundred and six billion dollars revenue. Tag group hasn't track record of enlightened policies for workers much more before they became common even in the west so We have Twenty two billion dollars revenue. Four hundred and seventy global professionals including thirty six point four percent women from an total of one hundred and forty seven nationalities. I have a personal relationship to the toddler group. My father worked in india and told me stories of title and todd in particular due to it's much more social purposive nature. I like working here. And is sir very much reflective of the group in general so i have my own dc s fifty watch and long. My father is one from the loop so that that's from india. So that's basically what. I like about the pieces group. This is fascinating because you're obviously there's a family history to it. But i i personally did not know you know about how important. Es g was to the tag group. So it's wonderful to hear that let's focus a little bit. You know regards to tag consultancy services itself because in in november of last year yet you partnered with d three i to design develop and launch ecosystems innovations based on distributed ledger technology. For the insurance industry. Could you please tell us what is partnership means to tcl s but also what it means to you personally. Yeah thanks so i was. The first globally to write about. Blockchain can be applied to commercial insurance and reinsurance in august twenty teen associated with many people and associations considering implementing blockchain's and insurance including some of the original or you know pretty old be ti people then so be initiated by the insurance industry for the industry this is the best and most feasible way of implementing blockchain's in insurance or for that matter in industry if it is something that the industry standard for itself. It's always easier having worked in the london insurance market since two thousand eleven. I'm sharply aware of how difficult collaboration between competencies. And i've seen that. Don't the difficult work. I have some friends. And i have discussed particularly with. They didn't offer good for example. How difficult it is but bt. I has got got all this correct. You know they have figured this out. They have Twenty one committed investors and lots of members to get a consortium blockchain of the ground. It is necessary to have afford. The industry by industry consortium like betray then. There is a key role for the product vision technology. Which in my view be theaa sorted out pretty well and there is a need for good. si partner that's what basically there's about as a pioneer of in the space. I understood early on that size late. Theseus have a key role to play in enabling consortium blockchain's to succeed. And that's basically why. I'm still in dc said not in a startup. We don't because. I think they said yeah.