Insurance Industry Grapples with Bitcoin's Past and Potential
As the world becomes more digital and virtual by the hour, some of the oldest professional industries struggle to keep up with the state of technology in today's world. Insurance providers have always had to have a personal touch, but as computers continue to take over consumer use more and more, they need to adapt to the changes in the market. How people pay is also changing, for people and businesses, with Bitcoin digital currency. This was a key topic of discussion at the Risk and Insurance Management Society (RIMS) 2015 Conference in New Orleans last week. Insurance Industry sees The....
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The blockchain technology has now entered the insurance sector, making it possible for the insurance companies to offer policies to suit the customers' needs. The use of blockchain technology in insurance sector is something relatively new. London, the fintech destination of Europe is the first one to explore the potential uses of distributed technology in the insurance industry. The Capital of England already has a couple of companies who have already implemented it into their offerings. The blockchain is known for its transparency, security, immutability and reliability. All the....
PricewaterhouseCoopers (PwC), the largest professional services firm in the world, is set to initiate research into blockchain tech by focusing on its potential uses in wholesale insurance. PwC to Test Insurance on the Blockchain. The research will be a collaborative project between PwC and Z/Yen, a consultancy think-tank located in the City of London.....
Two major players in the global insurance industry, Generali Group and Reinsurance Group of America (RGA), have announced that they are joining the Blockchain Insurance Industry Initiative B3i to further explore the potential use of distributed ledger technology for the insurance and health reinsurance industries. Since its launch in October 2016, the B3i initiative has gained attention and achieved a global scope. The current 15 members of B3i include Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Swiss Re, Sompo Japan Nipponkoa Insurance,....
Can a disruptive technology like Bitcoin ever be insured,' wonders Innovative Insurance Group President Ty Sagalow. In one of his recent blogposts, the insurance veteran referred to Bitcoin as "a new risk in the technology space", saying that the insurance industry will have to create new underwriting techniques and protocols if it wants to cater to the digital payment industry. To make things more clear, he exemplified the famous "Y2K crisis" in the late 90s that had insurance industry writing new rules for insuring technology. "So we created "Y2K insurance" and made it available only to....
Five insurance giants, Aegon, Allianz, Munich Re, Swiss Re and Zurich, which in combination manage trillions of dollars in assets, have launched a blockchain initiative B3i to study the feasibility of the use of blockchain technology for insurance and to launch a blockchain based insurance proof of concept. “We are thrilled that Allianz is investigating emerging technologies such as Blockchain together with other key insurance industry players”, said Christof Mascher, Chief Operating Officer of Allianz Group. “This initiative, enabling alternative operating models based on the Blockchain....