The insurance world is to hold its first Blockchain Insurance Summit in Chicago, Illinois, on 8 November, 2016. While much blockchain focus has been on the banking world, people are beginning to understand that the reconciliation needs of the insurance industry may well be an easier fit for blockchain technology.

Raymond Zenkich, managing partner of Red Chalk Group, which organised the event, said: "We are very excited to be hosting a dedicated blockchain event for the insurance industry. This program is the only US program to be 100% focused on insurance with topics covering new blockchain enabled products, consortiums such as R3, regulatory challenges, and emerging identity standards. This new and exciting event brings together industry leaders and technology experts in blockchain to highlight the latest thinking in applying this ground-breaking technology to the insurance industry."

Just added to the ticket is Fei Zhang from Allianz who will be discussing their recent announcement regarding the B3i initiative, the Blockchain Insurance Industry Initiative, composed of core members: Aegon, Allianz, Munich Re, Swiss Re and Zurich.

Insurance director Anne Melissa with the Illinois Department of Insurance will be part of a unique regulatory panel. Other speakers include Caitlin Long, chairman of the board & president of Symbiont; Richard Magrann-Wells, executive vice president with Willis Towers Watson; and Ryan Rugg, director with R3 CEV.

William Mougayar, author of The Business Blockchain and a speaker/moderator at the Blockchain Insurance Summit, added: "We have just started to uncover innovative cases in blockchain usage by the insurance industry, relating to peer-to-peer products, new business models and efficiency-related initiatives.

"Some of the areas targeted include fraud detection, claims processing, record keeping and new identity driven applications, where the blockchain is seen as this once-in-a-lifetime catalyst to re-engineer, re-invent and re-imagine existing practices with new ones."