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: Defining the functionality of a ‘low-code’ computable contract builder that integrates a number of modes of expressivity including: i) modular text objects with associated metadata and embedded variables; ii) domain-specific languages for defining different aspects of insurance contracts; and iii) graphical user interface designs.
Proof of Concept Project 2: Establishing an integrated form of contract representation across MRC contract types: open market, line slip and delegated authority contracts. At the moment, these three contract types have wholly separate templates, but all of which demonstrate much in common. This PoC project focuses on identifying and representing these commonalities to provide the basis for a comprehensive digital contract spectrum.
Proof of Concept Project 3: Developing the architecture of a large-scale, event-agnostic automated payment infrastructure to facilitate emergency, government-backed payments to businesses and individuals to help them to weather the impact of catastrophic events and to sustain the economy. Four emerging technologies will be integrated to create an efficient, flexible and responsive solution: computable (or smart) contracts; large-scale parametric networks; central bank (or potentially other) digital currencies; and, distributed ledger technologies.
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).