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Blockchain and Implications For The Insurance Industry

· Emerging Trends,Financial Services,Innovation

“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete”

Buckminster Fuller 

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).

Happy reading.

Key opportunties for insurers

  1. Fraud detection and risk mitigation
  2. Digital claims management
  3. New distribution and disruption
  4. 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

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