Why Blockchain Could Enable a True P2P Insurance Model
There is a shift going on in the financial sector. The steep rise of the FinTech industry, where investments went up eightfold in the past 5 years to almost $20bn is causing unrest within traditional companies. One of the most interesting developments in the FinTech industry is without a doubt blockchain. There are already many examples of how blockchain could impact the banking industry, especially payments services and security and commodity trading. In the insurance industry it is Internet of Things, big data and crowdfunding that are widely described. Perhaps because of this, the....
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A managing director for Accenture has published a new blog post detailing why he believes the insurance industry will move to embrace the blockchain within the "next few years". Abizer Rangwala, who focuses on insurance IT strategy for the professional services firm, wrote on 4th January that he expects the technology to "have a profound effect on business", adding that, in his opinion, this impact is already underway. Rangwala wrote: "Insurance is gaining momentum in the use of blockchain and slowly figuring out the true business use or to some degree what the use case should be. I have....
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....
Bitcoin and blockchain technology have the ability to bring financial services to the unbanked that otherwise would be unavailable to them. Mexican mobile payments platform Saldo.mx allows to pay for their loved ones’ utility bills across borders. Saldo recently debuted a microinsurance service, Consuelo, to allow users to easily use a fixed health and life insurance policy. CoinTelegraph spoke with Marco Montes Neri, founder of Saldo, about the company’s blockchain-powered microinsurance initiative. CoinTelegraph: What prompted Saldo to start dealing in microinsurance? Marco Montes Neri:....
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....
A plan to modernise the London Market - the major international insurance market based in the United Kingdom's capital - may include recommendations to use blockchain technology to improve data access and reduce costs associated with administrative paperwork. Lloyd's, one of the London Market's key participants, held a seminar in London last week to highlight blockchains, among other technologies, to insurance market participants as part of their modernisation plan, called the Target Operating Model, or TOM. Blockchains could bring increased risk-recording abilities, transparency, accuracy....