Blockchain Technology: Can Insurers Realize Its Promise?
Deriving new business value by creating transparency and responsiveness
Insurers should ignore concerns about disruption, risk and cost when it comes to blockchain technology, and instead monitor it in innovation labs, evaluate phase-based adoption frameworks, and experiment with it in hackathons and small-scale PoCs.
Application and benefits include:
Processing claims with smart contracts
Minimizing peer-to-peer insurance overheads
Creating digital deal rooms