Blockchain and Insurance: the next revolution

Blockchain and Insurance: the next revolution

Blockchain is a distributed ledger that is broadly discussed as a technology with huge innovation potential in all areas of financial services. To date, the majority of usage cases of this technology are in the banking arena. We can refer to several publications available on Initio’s blog regarding the impact of blockchain technology and the usage of crypto currencies in financial services.

However, the blockchain technology also offers potential use cases for insurers that include innovating insurance products and services for growth, increasing effectiveness in fraud detection, pricing and reducing administrative cost. In these application areas insurers could address some of the main challenges they are facing today – such as limited growth in mature markets and cost reduction pressures.

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