Startup InsurTech Award - Galileo Platforms

1. ENABLING THE INSURANCE ECOSYSTEM TO ENGAGE
ASIA’S DIGITAL CITIZENS
MARK WALES
markwales@galileoplatforms.com

2. © GALILEO PLATFORMS 2017 1
SEASONED INDUSTRY EXECUTIVES
EXTENSIVE INSURANCE EXPERIENCE IN ASIA
27 years experience in Life Insurance,
Wealth Management, and Pensions.
Co-Founder
ANNETTE KING
CEO, CFO, CMO
Actuary
Manulife, AXA, and Mercer
MARK WALES
Co-Founder
30 years experience in Insurance, Wealth
Management, and Banking
Partner, CIO
Head of IT Strategy and Architecture
Deloitte, Capgemini, ING & ABN Amro
MATT CROOKS
CTO
20 years experience in Insurance, Wealth
Management, and Pensions
CEO, Co-Founder,
CIO, CTO, IT Architect,
ING, Recreo, Oasis Asset Management.

3. WHAT WE DO
© GALILEO PLATFORMS 2018 2
DistributorsInsurers
Scalable and economical revenue growth
Lower distribution & transaction costs
New types of distributors
Full digital experience attracts new clients
Galileo Platforms is a platform technology company serving the insurance sector.
Using blockchain technology we connect participants in the insurance ecosystem
enabling them to deliver a straight through, digital client experience.

4. THE OPPORTUNITY
3
Emerging middle
class segments
Millennially-
minded people
Developing Markets Mature Markets
NEW REVENUE SOURCES
© GALILEO PLATFORMS 2018

5. INDUSTRY PAIN
4
Product Challenges Legacy Systems Business Process
Challenges
Incomplete Digital
Customer Experience
INSURERS STRUGGLE TO ADDRESS THIS OPPORTUNITY
© GALILEO PLATFORMS 2018

6. Quotes
Purchase
Payment
Claims
Changes
Renewal
5
GALILEO BLOCKCHAIN PLATFORM
Encrypted
Permissioned
Reliable
Cost-efficient
PRIVATE, DISTRIBUTED, TRUSTED
© GALILEO PLATFORMS 2018

7. INSURANCE PLATFORM ON A BLOCKCHAIN
KEY FEATURES
Permissioned private blockchain
Participants:
operate nodes on the network
can only see their transactions
includes, brokers, banks, insurers,
reinsurers, other parties
Regional platform with registration on
a country by country basis
© GALILEO PLATFORMS 2018 6
Smart contracts on an Ethereum
blockchain
Encryption using the Quorum fork
Sub-second blockbuilding using rafting for
consenus.
Structure of over 90 smart contracts
interoperating on the blockchain
APIs to abstract users from the blockchain
Oracles to deliver services and automate
status changes
Off Chain storage to hold information we
don’t want to store on the blockchain
Reflector: Database and user interface for
insurers and distributors
Set up and subscription fees
Transaction fees
Permissioned
Fees
Ethereum
Platform Components
• Distributed
• Encrypted
• Permissioned
• Trusted
• Reliable

8. SOLUTION COMPONENTS
7
Node
Node
Node
Node
Node
Blockchain
listener
Reflector Database
Galileo Chain API
User Interface
AnalyticsREFLECTOR:
Participants’ portal to the blockchain
BLOCKCHAIN PLATFORM:
Distributed transaction processing
Smart Contracts
© GALILEO PLATFORMS 2018

9. BANCASSURANCE DEMONSTRATION
MAGNIFICO BANK AND THUNDERBOLT INSURANCE
© GALILEO PLATFORMS 2018
8
THUNDERBOLT INSURANCE
Quorum Node Chain Web API
Reflector
• User Interface
• Database
Oracles
• Quotation
• Claims
• Payment
MAGNIFICO BANK
Chain API Quorum Node
Reflector
• User Interface
• Database
Oracles
• Payment
Banking App
Banking
Ledger
Blockchain
Off Chain
Storage
Off Chain
Storage

10. PLATFORM COMPONENTS
© GALILEO PLATFORMS 2017 9
The Galileo Blockchain platform is a structure of smart
contracts running on an Ethereum (Quorum) private
network.
There are more than contracts of which approximately
25 create the core object model enabling the functions
typically found in a policy administration system.
The Galileo Platform
Reflector enables a Platform user to have ready access
to all of their information on the blockchain.
Reflector’s oracle monitors the blockchain for events
impacting its nodes, retrieves the transactions and
populates them into a noSQL database providing ready
access for enquiries, updates and analytics.
It provides an interface similar to legacy policy
administration systems
Reflector
Our Oracle Framework enables event driven interactions
by external services with the transactions on the
blockchain.
These can be trusted external services or the insurers
internal systems.
Oracle services include quotations, claims triage, and
payments.
.
Oracle Framework
Galileo’s reflexive UI is not part of the production
solution. It is a purpose built user interface to enable
mobile applications to be quickly modeled to
demonstrate the customer journey enabled by the
platform.
In production, a customer would use their own UI to
enable their desired user experience.
Reflexive UI
QuorumNode
Geth/ Go
(Solidity for Contracts)
Linux
Oracle Framework
Event Stream
Listener
.NETCore
Linux / Windows
ChainAPI (SDK)
.NETCore
Linux / Windows
ChainWeb API
.NETCore
Linux / Windows
Oracle Dispatcher
.NETCore
Linux / Windows
QuotationOracle
.NETCoreLinux / Windows
Payment Oracle
.NETCoreLinux / Windows
ClaimsOracle
.NETCoreLinux / Windows
Others
.NETCoreLinux / Windows
Internal ApplicationsExternal Services
etc

11. WHY USE A BLOCKCHAIN?
ENABLE NEW BUSINESS MODEL POSSIBILITIES & COLLAPSE THE TECHNOLOGY STACK
10
Distributed
Database
• Resilient and fault tolerant: Each node’s version is
identical to the others
• Immutable. No one can change the history of
transactions that have led to the current state
Middleware
Ecosystem
Process
Management
• Changes in the contract state can orchestrate an
interorganisational system-to-system workflow as
described in the contract
• Execute a complex process where different parties
fulfill specific roles to execute a process
• Contracts propagated to all nodes on the network
• Nodes monitor the network and react to changes
in contracts’ states
• Multi-threaded
THREE TECHNOLOGIES IN ONE: CHEAPER AND SIMPLER
Agile
Products
• Executable code is enshrined in the contract
• New products do not have to consider the
implications for existing contracts
• Contract drives the life cycle, not the system
NEW PRODUCTS AND SERVICES
Trusted
Network
• Parties not previously known to each other
can reliably do business
• Enabling new types of insurance models e.g.
peer-to-peer, consolidation and tokenisation
of risk, new distribution arrangements
© GALILEO PLATFORMS 2018

12. ADVANTAGES OF THE PLATFORM
11
Customer Experience, Business Model, Sophistication
Legacy
• Constrained products and
processes
• Takes the functionality typically found in a
legacy system and creates an object model on
a blockchain.
• Able to stretch your products, customer
experience and business model.
• Event triggered environment. Dynamic
interaction between smart contracts, oracles,
user interface and operations interface.
• Extends the stateless environment into your
core systems.
Cloud
• Legacy running on someone
else's computer
• API’s for interaction
Blockchain
• Open architecture platform
and ecosystem
• Event driven and stateless
Three horizons for portfolio
administration solutions
© GALILEO PLATFORMS 2018

13. USE CASES CAN VARY FOR EACH INSURER
Branded Digital Channel
Traditional Broker
Bancassurance
Agents
12
Aggregators
Digital Broker
Mandatory Digital Service
New non–FSI distribution partners
Incidental Purchases
Digital Insurance Portfolio Managers /Wallets
Financial Needs Analysis
New Market Entry
Product Testing
Pilot New Channel
Connect with non-Insurance Partners
Business
UseCases
Distribution
UseCases
Expand reach of existing channels Activate emerging channels
&
© GALILEO PLATFORMS 2018

14. 13
PROGRESS TO DATE
• Credentialing
• Products and Coverages
• New Business and Policies
• Claims (partially completed)
• Customer Servicing (partially
completed)
• Disbursements and Payments
• Reflector screens for these functions
• Reflector Identity Management and
Multilingual Support
• Oracle frameworks for pricing, claims
triage and payments
Coverage
1,000,000 HKD
100,000 5 million
© GALILEO PLATFORMS 2018

15. 14
Direct, digital sales channel
New channels and segments Reduce errors and costs Faster and cheaper product innovation
Engagement with startups
MULTIPLE BENEFITS
FOR ALL PARTIES, BUT ESPECIALLY INSURERS
Data and analytics
© GALILEO PLATFORMS 2018

16. 2018 ROADMAP
15
2nd Quarter
• Close Funding Round
• Further Proof of
Concepts
• Pilot in Production
• Reoccurring Revenue
• Complete Blockchain
Development
3rd Quarter
4th Quarter
CLEAR PATH TO IMPLEMENTATION
© GALILEO PLATFORMS 2018

17. THANK YOU
markwales@galileoplatforms.com