How blockchain can redefine the future of auto insurance

The auto Insurance industry participates in various processes that are characterized by data exchange, which is modified or updated by many parties. Hence, the auto insurance industry can benefit from the adoption of blockchain technology. However, there is a lack of understanding of the technology, the legal implications and the issues in implementing the technology. The session today aims at finding potential opportunities for the auto insurance sector on the implementation of blockchain technology. It also discusses issues and concerns for automakers wanting to adopt blockchain technologies with real life examples and solutions from KoineArth. Key discussion areas: 1. Being in the blockchain field for years now and your recent entry in the auto insurance domain, how you think car insurance companies can best benefit through blockchain specially in a time when regulatory norms are defining the future of insurance. 2. In India, we have seen how IRDAI have recently announced the usage-based insurance model approval and your organization has a significant contribution in this regard. Can you explain, how your blockchain led solutions aim to monetize data and help reduce cost for the end user. 3. Lastly, you broadly spoke about enterprise NFT’s and how it can solve auto insurance problems in various media for the end customer. Can you explain how this benefits insurtech players and insurance players specially from the context of data sharing. Speaker Bio: Dr. Praphul Chandra, who is the Founder of  KoineArth which is a blockchain company that offers supply chain solutions for invoice financing, contract enforcement, and inventory visibility. With over 2 decades of experience in the software industry, Dr. Praphul worked with Hewlett Packard for 10 years and held various positions such as Senior Research Scientist, Research Manager and Principal Research Scientist. He also worked as a Software Engineer at Tachion Networks, USA, as a Design Engineer at Texas Instruments, USA and as a Software Developer at Infosys. In July 2017, he started Koinearth to explore how the emerging technology of blockchains can leverage Game Theory and be combined with AI/ML to provide solutions to some of today's challenges. In 2015, Dr. Praphul was featured as one of “The Top 10 Data Scientists” in India.