The Imminent Synergy Between The Insurance Industry And Bitcoin
Given current monetary policy, the insurance industry and bitcoin are a match made in heaven. Here’s why.Early on the morning of March 10, NYDIG, a financial services firm dedicated to Bitcoin and built specifically for institutional clientele, announced that Ted Mathas, chairman and CEO of New York Life Insurance Company, would be joining its board of directors. New York Life is an insurance giant with more than $700 billion in assets under management as it operates as the nation's largest mutual life insurer. Mathas also serves as the chairman of the American Council of Life Insurers,....
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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....
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....
The former vice chairman of China Insurance Regulatory Commission (CIRC) Wei Yingning has said Blockchain technology could revolutionize China’s multi-trillion yuan insurance industry. Speaking at the opening ceremony of the China Blockchain Application Research Center in Shanghai Sunday, Yingning said Blockchain held promise for the industry which the Internet failed to deliver. Growth in life insurance alone last year reached 55 percent, with premium income touching 2.9 tln yuan. “In the modern insurance industry, the cost of auditing accounts for 30 percent or even 40 percent of 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,....
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....