Blockchain in Insurance
Editorial by Rick Huckstep
It’s just a matter of time!
For InsurTech Insights this month, we take a look at blockchain. Not from a technical perspective, there are plenty who are explaining what it is and how it works. At The Digital Insurer, we’re more interested in what can be done with the tech.
This is what we get asked the most. The potential for material change in the way that insurance business is conducted is substantial. It’s no longer a question of whether, but when.
But fear not, for nobody has missed this boat yet; it’s still in the boatyard. Blockchain tech has a lot of maturing to do and there are plenty of VHS versus Betamax debates to play out. It will be a while before this ship sets sail, but sail it will!
Those that subscribe to Gartner’s Hype Cycle will tell you that blockchain is heading into the trough of disillusionment. That may or may not be the case, frankly, it’s an academic point. And one that I am sure will be hotly debated during London Blockchain Week, which just kicked off last Friday. What’s important is the emergence of real use cases where insurance processes are shown to operate better, faster, cheaper.
My view is that the subject of ‘blockchain in insurance’ is not actually about the tech. Just as we don’t talk about TCP/IP when discussing the business impact of the Internet, the same will become true for blockchain. What matters is that insurers see the potential and opportunity for radically removing inefficiency and cost from the insurance value chain. This is why blockchain must be on every list of strategic objectives in the boardroom in 2017.
To find out more;
- My focus this month in the accompanying blog is on the complex world of the wholesale and reinsurance markets.
- In KPMG corner, they give their POV on the insurance CEO’s agenda when it comes to the subject of blockchain
- For those of you interested in blockchain 101, read this brilliant article called The Truth about Blockchain on HBR.org by Marco Iansiti and KarimLakhani.
As the world of InsurTech is moving fast we plan to update each blog to keep them up to date and relevant . Do send us links and info that you think are relevant to this topic to firstname.lastname@example.org
For InsurTech Insights this month, the subject is blockchain and it’s potential impact to the complex and intermediated world of speciality and wholesale reinsurance. These are markets that have not kept pace with technology over the last 2 decades
Overwhelmed by constant disruption and facing what must seem like an interminable low-interest rate environment, insurance executives are worried. Everyone wants to know how to grow ahead of the market. Yet most are struggling to put together the ‘winning formula’ that will ensure profitable and sustainable long-term growth.