My name is Rocco Mancini. I am a 25 year old consultant in the captive insurance industry. For those not familiar with captive insurance, a captive insurer is a bona-fide, licensed insurance company that is owned by a non-insurance company with the most common use case being insuring the parent company’s self-insured risks. This allows a company that does not want to purchase commercial insurance to formally fund their own risks. Captive insurance companies are not limited to insuring only the risks of the company that owns it though. Captive insurance companies can collaborate with insurance companies to insurer third party risks as well (referred to as a “fronting arrangement”).
One of the most unique aspects of captive insurance is that it adapts to changes in the market much more quickly than commercial insurers do. When the commercial insurers were pulling out of the medical malpractice insurance market, captive insurers were the ones that picked up the slack. If you have seen a doctor in recent years, there is a pretty decent chance that he purchased his medical malpractice coverage from a captive!
The reason for the long and detailed explanation about captives is to emphasize how captive insurance companies fit into the insurance industry. They adapt quickly, which makes them key candidates to become the “early adopters” of blockchain technology in the insurance industry. However, captive insurers are tend to be cost sensitive, especially since they tend to be relatively small entities and the only major downside of owning one is the annual cost to run it. They cannot afford to invest in blockchain technologies that are specifically tailored to their needs, but they can benefit from accessing blockchain networks like Ethereum and Oracle Network, whcih reduce costs through decentralization and open source development.
This brings me to the reason why I would like to be a validator on the network. I believe that captive insurers will be responsible for an overwhelming amount of the “early adoption” of blockchain technology in the insurance industry, and I believe that Oracle Network’s proof of authority consensus sets it apart for one simple reason. If you put the local network “keys” in the hands of the regulators, it improves regulator confidence in the technology immensely.
To sum it all up, I want to be a validator on the network, so I can develop first hand experience with the PoA consensus model. I want to be able to leverage this experience in the future, so when the conversations with the regulators happen (they have already started!), I will be able to speak from experience. I hope to be a driving force in the adoption of the Oracle Network in the captive insurance industry and, ultimately, the insurance industry as a whole. It’s just a matter of time before early adoption begins!
Edit: Hello again, everyone! As of 11/18/2017, I have been appointed as a Notary Public in the state of Connecticut, and I took the prescribed oath of office, effective 11/24/2017. My certificate of appointment can be found beneath my picture below.
Name: Rocco Federico Mancini
Location: Connecticut, United States
Notary License Number: 175251
Notary License Expiration: 11/30/2022
LinkedIn: https://www.linkedin.com/in/rocco-federico-mancini/ (recently created, will be updated continuously)