Encrypted messages… Deciphering blockchain's promise in insurance

Views differ on blockchain. Somewhere amidst the hype and the scepticism, lie insights which will help secure the promise which many believe the technology could deliver.

Blockchain is making inroads across a number of industry sectors. Partly linked to its cryptocurrency roots, the financial services sector has been leading the charge with significant investments made already, but that sector also faces material challenges to navigate due to its highly regulated operating environment. In the insurance industry, traditionally more cautious than its banking counterparts and also highly-regulated, it has been a slower burn – but attention is now building with the high profile consortium of b3i now reaching 15 members including Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, RGA, SCOR, Swiss Re, Sompo Japan Nipponkoa Insurance, Tokio Marine Holdings, XL Catlin and Zurich Insurance Group.

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