Insurance is an old industry. Entrepreneurs are looking at how the latest technologies can create new business models to increase efficiency, reduce administration and make insurance products attractive to today’s digital natives.
Blockchain technology offers the potential to break down many of the structural issues that have created frictions and a lack of trust in insurance markets.
In recent years, with a flood of investment in financial services and a leap in the ability of computing to process data and machine-read text, insurers have been widely reported to be in fear of their own “Uber moment” - with over 75% in the industry believing that a new market entrant disruptor will come in the next five years. With the global success of services such as Airbnb, as well as Uber themselves, it is possible to imagine a similar impact on the business of insurance.
This whitepaper looks at how blockchain can reshape the insurance landscape whilst assessing the opportunities, challenges and risks associated with this emerging technology.
Within this, the following topics are covered:
- The rising threat of ‘privacy regulation’
- The basic principles of blockchain technology
- Insurance industry initiative, B3i
- The future of insurance policies.