While there’s plenty of hype and money behind the insurtech revolution, carriers are enthusiastic about digital transformation and won’t be caught by surprise as their industry evolves.
With its shared, distributed ledger, smart contracts, super-strong encryption and innate ability to create transactional trust without a central authority, blockchain technology promises businesses across industries incredible cost and operational efficiency benefits as well new revenue opportunities.
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.
At the recent Ruschlikon General Assembly the question was asked ‘why is it easier to get C suite attention for blockchain but not Ruschlikon’?
The Food and Drug Administration and IBM Watson Health are forming a partnership to investigate potential ways that blockchain technology can be used in healthcare.