There’s no shortage of buzz around blockchain technology in insurance. Yet most insurance carriers are scratching their head at how to properly leverage the distributed-ledger technology, says Aite Group’s Research Director Gwenn Bézard.
Not too long ago, the vision of a digital insurance company was one that extended services and offerings over web-based channels that offered 24/7 customer service to augment and add some intelligence to existing product sets.
Investments in blockchain-related start-ups across industries have grown to more than $800 million , according to McKinsey – and the insurance industry is taking note. In the consultancy’s “Blockchain in insurance – opportunity or threat?” study released this week, McKinsey takes a look at several blockchain use cases, and identifies some of the companies leading the way in bringing this technology to insurance.
Bitcoin has generated a lot of press due to its volatile value and the often dramatic nature of news stories regarding heists or illicit usage.
Bitcoin has generated a lot of press due to its volatile value and the often dramatic nature of news stories regarding heists or illicit usage.