Proof of Concept Projects
Axiome is currently developing a number of prototyping projects to demonstrate the operational as well as the strategic benefits from digitally reengineering insurance contracts.
Proof of Concept Project 1: Working with the Lloyd’s Market Association (LMA) to rethink delegated authority, and the contracts that govern the underlying insurance policies issued by MGAs. This has involved a complete redesign of the Binding Authority Agreement, as well as developing the thinking for the next generation of the Lloyd’s Wordings Repository. The full extent of this work can be found at: https://www.lmadare.co/
Proof of Concept Project 2: Working with Axa Commercial in the UK to plan the full deployment of computable contracting approaches. While all aspects of the Axiome C2 Methodology have been addressed, much of the work to date has focussed on the modularisation of contract components and the development of a Library Capability to serve as an industry-specific, content management system for these components.
An Important Underlying Idea
In 1735, the famous mathematician Leonard Euler solved the problem of the Königsberg bridges. The problem involves finding a way to walk through the city while crossing each of the seven bridges once and only once. To solve the problem, Euler used ‘graphs’ as a means to represent the problem – the same fundamental approach that can be used to represent important aspects of insurance contracts.
Hence, one of the basic activities associated with reengineering contracts is the creation of insurance-specific ‘knowledge graphs’, also sometimes also known as ‘ontologies’. These allow for the full, modular representation of contracts with their individual components (i.e. nodes) as well as the nature of the relationships between them (i.e. connectors).
