US Treasury Advisors Weigh Blockchain Insurance Impact
An advisory council to the US Treasury Department met last week in Washington, DC, to discuss the application of blockchains in the insurance market. While the discussion itself was relatively brief (taking place in the middle of a nearly three-hour meeting), it did offer a window into the perspective being taken by some of the stakeholders on the council, as well as the government department itself. Matt Higginson, an associate partner for management consulting firm McKinsey, led a presentation at the hearing during which he offered an expansive view of the technology as well as a....
Related News
An advisory council to the US Treasury Department focused on the insurance market will discuss blockchain tech at a meeting later this week. Set for tomorrow afternoon in Washington, DC, the Federal Advisory Committee on Insurance (FACI) will discuss a range of issues, according to publicly available materials, including the use of the tech in the US insurance market. The government said of the hearing: “In this meeting, the Committee will discuss a number of issues, including blockchain technology in the insurance sector, the changing auto safety landscape, and an overview of insurance....
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....
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....
Advisors to US President Barack Obama hosted distributed ledger banking consortium R3CEV and three other bitcoin and blockchain industry representatives at the National Academy of Sciences in Washington, DC earlier this month. Participating in the event were R3 managing director Tim Grant; Jerry Brito, executive director of non-profit advocacy group Coin Center; Joseph Bonneau, a researcher for the Applied Crypto Group at Stanford University; and Simon Johnson, professor of entrepreneurship at the MIT Sloan School of Management. For over an hour on 20th May, the panel gave an overview of....