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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

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Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Blockchain: Emerging use cases for insurance

Article Synopsis :

Blockchain has so far failed to take root in insurtech. However, some first movers – the author calls them ‘trailblazers’ – are looking to blockchain to revolutionise their transformation through access to trusted information and new business models.

 The Digital Insurer reviews IBM’s Report on Blockchain: Emerging Use Cases for Insurance

Blockchain faces many challenges

There are a dozen areas blockchain will bring greater efficiency, lower costs, improve data quality, enhance the customer experience and increase trust, as well as give them a seat in the broader blockchain ecosystem.

There are a number of obstacles that prevent insurers making use of blockchain. In an IBM survey of 200 financial institutions, the top six were:

  • regulatory constraints (56%)
  • immature technology (54%)
  • lack of clear ROI (52%)
  • insufficient skills (51%)
  • lack of executive buy-in (46%)
  • insufficient business case (43%)

However, the authors of the paper believe blockchain will deliver on its many and varied promises to reshape the insurance industry. However, technology cannot achieve this on its own. It requires collaboration between the emerging technologies, regulators, incumbents and additional stakeholders in order for it to succeed.

This paper identifies a dozen use cases for the insurance industry that will reduce human intervention and thereby reduce error and therefore risk in these operations.

  • Catastrophe swap and bonds
  • P&C claims settlement
  • market investments
  • financial audit and reporting
  • index-based livestock insurance program
  • flight insurance
  • automating underwriting and claims settlement with the help of smart contracts
  • internet of things (I0T)
  • parametric insurance
  • high-value assets insurance
  • reinsurance
  • medical claims processing.

In many cases, the application of blockchain will greatly improve efficiency and achieve all those advantages insurers are seeking from their transformation process.

IBM believes the model for delivery will be based on open source systems, such as Linux and Hyperledger and these are at the centre of their implementation strategies.

Link to Full Article:: click here

Digital Insurer's Comments

The insurance industry has identified some low hanging fruit where the benefit of blockchain seems clear.

There remain obstacles, but provided regulators are satisfied with the job the technology can do and consumers are protected, there are clear opportunities for those who act now.

Link to Source:: click here

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