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Legal & General, the FTSE 100 insurer, has launched the first ever insurance blockchain competition focused on open sourcing, looking for a solution for personal identifiable information management and GDPR compliance for future insurance solutions
4 Oct 2017
Legal & General, the FTSE 100 insurer, has launched the first ever insurance blockchain competition focused on open sourcing, looking for a solution for personal identifiable information management and GDPR compliance for future insurance solutions.
This is being hosted as part of the Blockchain Summit London 2017, being held at the Olympia Conference Centre on Tuesday 28 November.
Three expert judges from Legal & General - Graeme Findlay (Head of Digital Engagement), David Robertson (CEO of Legal & General Insurance) and Maarten Ectors (Chief Digital Officer, General Insurance) - will be joined by Adam Vaziri, CEO of fintech company Diacle, searching for the best submission.
The winning team will be awarded a £10,000 prize, with the money being converted into a minimum valuable product.
Those interested in applying need to upload a short video explainer of their product via the following link:
http://blockchainsummitlondon.com/blockchains-got-talent. Entry closes on 21 November and the top five teams or individuals will then be chosen to present at Legal & General’s ‘Blockchain’s Got Talent’ at the Blockchain Summit London 2017 on 28 November.
At the event, you will be expected to demonstrate on-stage your next-generation blockchain solution for GDPR compliant personal identifiable information handling.
Maarten Ectors, Chief Digital Officer, Legal & General Insurance comments: “We are really excited to be sponsoring this initiative and are looking forward to assessing all of the entries. We are encouraging teams to enter by creating a simple one-minute video and will be judging the demo on how compliant, secure, easy to use and performant it is. Technology is already playing a major role in shaping the future of the insurance industry and is set to play an increasingly important part in how we work towards making life better for our customers. The Blockchain Summit London is set to be a major event for the blockchain community and with such a huge prize at stake we hope the competition will be a great success.”
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The Legal & General new product has two options – Gold and Silver. Gold is the most comprehensive cover, including things like Extended Accidental Damage, Home Emergency and Trace & Access cover as part of the policy. Legal & General customers will be presented the Silver and Gold options when they apply, and can also configure bespoke “add-ons” to make their cover more personal to their needs.
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.