Distributed ledger technology (DLT) and blockchain solutions have rapidly evolved from hyped buzzwords to practical tools that can empower businesses in every sector. Insurers can leverage these technologies to address pressing issues, particularly around worsening expense ratios
It was a great pleasure to hold the first live showcase of the ChainThat Bermuda Risk Exchange with a wide representation from Brokers, Insurers, Reinsurers, Regulators, and government officials in Bermuda yesterday afternoon
Brokers are facing fundamental questions about how they make their activities fit for an evolving technology landscape in the 21st century. Can the risk placement process be optimised to improve efficiency, speed and client satisfaction? And can they add value to markets and placing brokers, and in turn, the end insured?
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.
Blockchain adoption in the insurance sector is poised for exponential growth in 2019, as awareness rises of the multi-billion-dollar savings this technology can bring. If 2018 was the year in which the industry became aware of the full scale of its expense and efficiency benefits, 2019 could be the year in which these solutions are integrated into mainstream thinking.
Too often, the experience of IT innovation has been difficult to manage and expensive. This has been driven by the adoption of systems that have had a long roll out which has then additionally suffered delays and cost increases.
If you want to understand why blockchain technology is the ONE essential innovation insurance has been waiting for, watch Praveen Nagpal, our CTO, present to a non-insurance audience at the IIT in Madras. He explains how the current system works, and how smart contracts and distributed ledger technology bring transformational efficiency.
The global insurance market is facing its Kodak moment. Those who fail to innovate run the risk of being left behind. Across the insurance ecosystem, costs need to be cut, and innovation is no longer optional.