Interview with Blocksure
Interview Wednesday 28th June 2017:
Interview with Ranvir Saggu and Jay Carey
Disruption: Insurance / Blockchain / IOT /
Blocksure is an innovative insurtech company developing a system that could change, or be part of the change, in the multi trillion pound insurance sector. Their developed technology allows the flow of information across the Ethereum blockchain (similar but different to the Bitcoin blockchain)… “when customer buys a policy or makes a claim everybody in the information pipeline , (i.e. the insurance company, and the brokers, and the customer) updates in real time…” (Ethereum) (Blockchain)
I’m feeling the aim is to create a ‘non stop’ process for both buying and claiming on insurance. Rather than purchasing taking many minutes, it’s going to take a click or two, and rather than claims taking weeks or months, they should be almost instantaneous.
“…then we built on top that a smart policy, smart contract … everybody gets their own data, everybody gets their own view of the data. If you have a data base, and someone changes it, everyone in the chain knows. This is why blockchain is a preferable data transfer mechanism…” (Distributed Ledger Technology) (DLT) (Smart Contract)
I ask about Disruption. Do they see the system as disruptive? Are they consciously endeavouring to achieve disruption? They appear to have given this considerable thought.
“…We are not a disruptor … we are a technology business enabler. The tech is disruptive to old tech, but the application is in itself not disruptive… we are creating systems that give others a competitive advantage… Existing players can layer on top of this technology platform to out perform their competitors…” (Enabler)
Ah, so here we see a subtlety of definition. They are not themselves entering a market as a competitor or competitive alternative. They are entering an established market with a new technology and offering it to the existing players in that market. As an analogy, imagine Uber selling their technology platform to Minicab firms rather than entering the market as a killer competitor.
In effect this is ‘Diffused Disruption’ rather than ‘Direct Disruption.’ The competitive advantage the technology delivers is spread across the companies who (choose) to adopt it, rather than being centralised by a single Uberesque winner takes all competitor. (Diffused Disruption) (Direct Disruption)