PwC: Blockchains Could Save Reinsurance Industry $10 Billion
Multinational professional services firm PricewaterhouseCoopers (PwC) recently published a report saying blockchain technology could save reinsurance companies between $5-10 billion globally. PwC: Reducing Costs With Blockchain. PwC’s research shows that blockchain solutions could reduce the processing time and cost of placement, claims, settlement and....
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PRESS RELEASE. UnoRe, the first decentralized reinsurance platform, is now allowing retail users to invest in risk. This opportunity is a part of the project’s vision to revolutionize the reinsurance industry, one that has been traditionally gatekept, preventing any significant innovation in hundreds of years. UnoRe aims to take steps towards alleviating the extreme global wealth gap – a typical millennial now holds 41% less wealth than a similarly aged adult in 1989. In contrast, the world’s richest 1% currently have more than twice as much wealth as 6.9 billion people....
Our London correspondent Nick Ayton takes a look at B3i Reinsurance Club and what potential it holds for reinventing the sector on the eve of fresh announcements about new members. Recent catastrophes have shown the reinsurance industry hasn’t moved forward in decades and cannot deal with today’s risks let alone tomorrow’s. There is a clear need for change. Reinsurance is the practice of insurers transferring portions of risk portfolios to other parties. It is based on the agreement to reduce the likelihood of having to pay a large obligation resulting from an insurance claim. The....
It seems that private networks of different blockchains are becoming very popular these days. The permissioned blockchain platform SETL has been making headlines recently with its ability to process 1 billion transactions per day. The firm, headed by SETL.io CEO Anthony Culligan, says that permissioned blockchains like his team’s project are the....
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,....
Armed with sky-high expectations and seemingly boundless enthusiasm for how tech could reinvent industry in the digital age, the "blockchain" industry has been overwhelmed with blockchains. Not only are there multiple open public blockchain projects, but legacy institutions and corporates are building exclusive permissioned blockchains. So far this year, there have been specialty blockchains created for everything from credit default swaps to managing global supply chains. It's unclear how these blockchains will need to interact with each other in the future to prove its....