Why blockchain is a natural fit for the commercial insurance and reinsurance industry

We are frequently asked what advantages blockchain solutions have over more traditional tools. Our latest opinion piece promises to equip you with a thorough understanding of why blockchain is a natural fit for the commercial insurance and reinsurance industry.

Insurance is one of multiple business sectors which will see profound changes to its operational processes driven by blockchain and distributed ledger technology. 

While these technologies have existed for more than a decade, an increasing need to reduce the expense base and increase operational efficiency across the insurance sector is now driving increased awareness of the role these tools can play in the industry. 

We are frequently asked what advantages blockchain solutions have over more traditional tools. The answer is that there are many, ranging from delivering increased efficiency and expense savings in the near term, to long-term growth opportunities through creating new business networks. 

The initial benefits will be felt by early adopters within the industry that have long-term trading arrangements, where the use of blockchain can strip cost out of transactions and boost efficiency across distribution chains. 

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David Edwards