Blockchain in Insurance Initiatives Focus on Exploration and Learning

(Image credit: Adobe Stock.) At Gartner we continue to see strong interest in blockchain for insurance, but the nature of client inquiries we are fielding has changed. Last year, in 2017, insurance CIOs and IT leaders were asking questions such as, “What is blockchain? How mature is this? Should we be implementing this?” CIOs were often being driven to explore blockchain in response to questions from their CEOs or boards of directors who were…

Blockchain for Insurance, Simplified

(Image Credit: Adobe Stock) [Editor’s Note: This is a 2-part series covering blockchain technology and its transformative impact on the insurance industry. In part 1, we review the WHY and WHAT of blockchain. In part 2, we discuss HOW this new technology can potentially revolutionize insurance.] Like many articles touting to explain blockchain, it would be easy to just dive straight into the technology, but that a disservice. It would not…

Allianz Launches Blockchain Prototype for the Captive Insurance Market

(Image credit: Adobe Stock.) The captive insurance realm exemplifies some of the most complex insurance processes, and as such is an extremely suitable environment for testing blockchain. Allianz Global Corporate & Specialty (ART, New York; a division of Munich-based Allianz) has chosen this environment to develop a blockchain prototype for an existing captive program for a long-standing customer of global scale. The insurer developed the…

Blockchain Can Change the Game for Insurance Data Integrity

(Image credit: Adobe Stock.) Experts predict within the next three to five years, blockchain, or distributed ledger technology (DLT), will begin to have a significant and quantifiable impact in the insurance industry. As the technology matures to demonstrate usability and value, several factors will contribute to cautious and guarded levels of implementation in the near term. While many insurers continue to evaluate blockchain through a…

EY and Guardtime Launch Marine Insurance Blockchain Platform

(Image credit: Adobe Stock.) EY (London) and Guardtime (Amsterdam) have developed what the firms characterize as the world’s first blockchain platform for marine insurance. Designed for use globally, the platform debuts after a 20-week proof of concept, and was developed in collaboration with ACORD, A.P. Møller-Maersk A/S, Microsoft, MS Amlin, Willis Towers Watson and XL Catlin. Shaun Crawford, Global Insurance Leader, EY. “We are excited to…

Transforming Customer Experience across the Insurance Value Chain Using Blockchain Technology

(Image credit: Adobe Stock.) Superior customer experience is the fundamental attribute that delineates the highly successful insurers and brokers from the ones that are simply ambling along. So, it comes as no surprise that insurers and brokers are exploring and investing in technologies to improve their competency in this cardinal area. The latest technology to gain attention is blockchain—the distributed ledger technology that is expected to…

Synechron launches Blockchain Accelerator Cloud-Based Applications for Financial Services

(Image credit: Adobe Stock.) Synechron Inc., a global financial services consulting and technology services provider, has launched its Blockchain Accelerator Program with six blockchain applications available in the cloud, including an insurance-specific application. These applications enable financial services firms to be up-and-running on a blockchain network or in a ‘sandbox’ environment within weeks, according to the vendor, who…

Accenture Presents ‘Editable’ Blockchain Prototype as Breakthrough for Enterprise Uses

(Image credit: Adobe Stock.) Blockchain gained fame as a “permissionless” ledger system whose very immutability made it suitable for the exchange of Bitcoin digital currency. Accenture (New York/Dublin) now reports the development of an “editable” blockchain prototype that it bills as a significant breakthrough for enterprise uses, particularly for insurance, banking and capital markets. The prototype retains the essential trustworthiness of…

AIG, Standard Chartered Validate Blockchain for Insurance with IBM Solution

(Image credit: Adobe Stock.) Blockchain has featured in insurance technology news more as an interesting subject for speculation than a source of compelling case studies. However, there is nothing speculative about AIG’s (New York) new blockchain-driven policy piloted with Standard Charter (London) and built by IBM (Armonk, N.Y.). The “smart contract” based insurance policy suggests where distributed ledger technology is likely make a huge…