The re/insurance industry holds high expectations for blockchain technology as an opportunity to increase efficiency of insurance processes, and the future is beginning to take shape with the launch of new platforms and products. Intelligent Insurer reports.
Blockchain, also dubbed distributed ledger technology, is the technology behind digital currencies such as Bitcoin and is praised for the fact that it creates a secure ledger of information that prevents the unauthorised modification, addition or removal of data.
As blockchain systems are immutable and do not require oversight by a central authority, one of the advantages of this technology is that it opens up new options for secure collaboration between competitors by removing the need for trust between third party organisations.
The technology can also offer additional benefits specifically to the insurance industry. Insurwave, for example, is a blockchain platform which went live in May 2018 to support marine hull insurance and shows how blockchain can transform processes in the industry.
Blockchain, Technology, Insurance, Reinsurance, Insurwave, Paul Taffinder, Martin Henley, Paul Meeusen, Magdalena Ramada, Global