Insurance is a space that is in desperate need of digital transformation.
Blockchain is set to break new ground in the development of “smart” insurance policies as American International Group (AIG) and IBM collaborate to carry out the process.
The intention is to create an insurance policy that uses the cutting edge technology to manage international coverage, a task that is currently highly complex.
Moves have already been made towards bringing this project to reality, as the duo have conducted and completed a pilot of a multi-national policy for Standard Chartered Bank PLC.
AIG and IBM have said that this is the first instance of the use of blockchain in this specific way; this marks another stride towards blockchain becoming a practical and trusted method that can revolutionise traditional processes.