“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete”
I had an opportunity to collaborate with Ernst & Young on producing a PoV paper about blockchain's transformational effect and opportunities for insurers. Available for download at EY's website. It provides a solid introduction to blockchain in general and more specific view on what it would mean in the context of the insurance industry (some outlined below).
Key opportunties for insurers
- Fraud detection and risk mitigation
- Digital claims management
- New distribution and disruption
- Cyber liability
The table below is extended and elaborated, based on the report Chain Of A Lifetime: How Blockchain Technology Might Transform Personal Insurance, by Michael Mainelli and Chiara von Gunten, Z/Yen Group, Long Finance