P&C Claims Processing Critical conditions Building a comprehensive set of Adoptingstandards for relevant Providing a legal and regulatory asset profiles and history claims data framework Asset records must migrate to the DLT to allow Insurers and regulators will play a key role in Regulators, insurers and other relevant smart contracts to consume reliable and setting data standards and facilitating the stakeholders will have to establish a legal updated asset information directly over the adoption by external data providers to ensure framework that regulates the validity of smart ledger in the case of a claim the effective flow of information among the contracts as binding instruments for insurance participants policies Why? Why? Why? If asset provenance and loss information are If the data is not standardized, additional The absence of a legal precedent will expose kept off the ledger among different players, manual work will still be required, resulting in the insurer and insuree to higher counterparty smart contracts will lose their effectiveness to cost inefficiencies and jeopardizing gains risk and disputes process claims automatically Challenge Challenge Challenge Engaging the market and enforcing a specific Changing current company-specific processes Careful and close collaboration would be DLT as the dominant mechanism for asset and data sets to a shared standard will require required since stakeholders will likely have registry may be challenging to implement and extensive discussion and converging interests competing interests and senses of urgency to will require stakeholders diligence establish a shared framework Critical condition categories WORLD ECONOMIC FORUM | 2016 Stakeholder Technology Regulatory Governance 63 alignment