Keith Lim: Blockchain will definitely have a positive role in disrupting the insurance industry
Most of the young companies developing blockchain-based solutions are focused on cross-border payments and other financial services. Therefore, the insurance industry is still poorly covered by the blockchain, says Keith Lim, owner of the insurance startup Hearti. However, the expert is sure that the technology will change the sphere of insurance in the near future.
In an interview with Blockchain & Bitcoin Conference Thailand, he talked on how this will happen, as well as made a brief announcement of his presentation at the event.
Interviewer: Blockchain & Bitcoin Conference Thailand (BCT)
Speaker: Keith Lim (K.L.)
BCT: Tell me how did you find out about blockchain. Were you skeptical at first, or did you immediately see an enormous potential?
K.L.: I first found out about blockchain around 2012. At that time, many blockchain use cases were still in very early experimental stage. However, through progressive studies and better understanding on the technology, I see an enormous potential in blockchain and wanted to develop a viable use case for the insurance industry.
BCT: Mr. Lim, you are Head of blockchain-based insurance service. How do you see the prospects of blockchain in insurance? Will the industry be completely blockchain-based in the future, or traditional and blockchain-based services will exist in parallel?
K.L.: The insurance industry is a huge and traditional one that blockchain will definitely have a positive role in disrupting it. Insurance companies are starting to do proof-of-concepts on smart contracts, KYC processes and claims management on the blockchain. Having said that, as there are many traditional stakeholders in the insurance industry such as agents, underwriters, insurers and re-insurers, I envision that blockchain-based services will co-exist with traditional services for a while.
BCT: Are there many blockchain companies in the insurance industry today? What are the competitive strengths of Hearti?
K.L.: As there are many potential use cases for blockchain, such as for global payments, logistics etc., not many blockchain companies are focusing on the insurance industry at the moment. This presents a huge advantage for Hearti as an early mover. Moreover, Hearti is already serving many insurance customers with our Artificial Intelligent solutions, which strengthens our value propositions to our customers for blockchain.
BCT: What difficulties do the blockchain companies have in Singapore today? What are the main disadvantages of this jurisdiction.
K.L.: Blockchain technology works best as a decentralized and distributed network of difficult stakeholders. Therefore, the challenge for any blockchain company in Singapore is to gather sufficient stakeholders in the insurance and related industries within Singapore's well-connected and technologically advanced marketplace.
BCT: Which are the targeted regions for Hearti? Is Thailand in your area of interest?
K.L.: Hearti's targeted region is South East Asia, and we already have offices in Thailand, Indonesia, Vietnam and Malaysia.
BCT: You will talk on blockchain trends at Blockchain & Bitcoin Conference Thailand. Tell us briefly, which trends will you discuss with the audience?
K.L.: I will be discussing events and use cases that formulated the trend of blockchain in the past few years, and what we can expect in the next few years. I will be touching on major trends that I see emerging from the recent events, e.g. regulations in countries such as Thailand and China, and how these events can affect blockchain development.
BCT: Please tell us about your expectations for the conference.
K.L.: I envision the conference to engage in lively discussions about blockchain and bitcoin. It should also offer excellent opportunities for collaborations and partnerships.
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