“Don’t be on the sidelines,” speakers say of blockchain – Canadian Underwriter

By Greg Meckbach      May 14, 2018

Blockchain, the technology behind Bitcoin, does not have a foothold in insurance yet, but it will no doubt disrupt some industries, speakers said last week at a financial industry conference.

Blockchain promises “massively new business models,” Andrew Maxwell, director of the Bergeron Entrepreneurs in Science and Technology program at York University, said May 10 at the Payments Canada Summit in Toronto. “It is one of the most disruptive investments that’s out there. We are not sure who it’s going to disrupt, or where it’s going to disrupt, but it is going to disrupt a lot of things over the next five to 10 years.”

Insurers exploring the capabilities of blockchain include Swiss Re, one of the carriers that founded the Blockchain Insurance Industry Initiative (B3i) in 2016. Blockchain could potentially “streamline paper work and reconciliations for reinsurance and insurance contracts,” the global reinsurer says.

More at: “Don’t be on the sidelines,” speakers say of blockchain – Canadian Underwriter

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Fitch: ‘Blockchain A Potential Game Changer’ – Bernews

April 26, 2018

Fitch Ratings views blockchain as a “potential game-changing technology for the insurance industry over the long term,” with the ratings agency adding that “the uncertainties around this nascent technology remain pronounced.”

Fitch said, “Fitch Ratings views blockchain as a potential game-changing technology for the insurance industry over the long term. Benefits could range from significantly reduced operating costs, more accurate customer-specific data, and better risk pricing and improved efficiencies.

“However, the technology remains unproven, and greater clarity around its advantages and risks will be revealed over the next three to five years. As such, we do not see blockchain affecting insurer ratings over the short to intermediate term.

More at: Fitch: ‘Blockchain A Potential Game Changer’ – Bernews

15 Major Insurance Providers Join Forces To Use Blockchain For Sharing Medical Records! – Track.in

By Mohul Ghosh    January 10, 2018

In a major initiatives, 15 big insurance providers have decided to join their forces, and use blockchain for sharing medical records of insurers, and to enable fast approval or denial decisions.

After banking and e Governance, it is the turn of insurance to adopt blockchain, and embrace its stunning features for seamless, error-free operations.

In a major initiatives, 15 big insurance providers have decided to join their forces, and use blockchain for sharing medical records of insurers, and to enable fast approval or denial decisions.

This also means less expenditure for insurers, as one medical examination would be now enough for all insurance providers.

Let’s talk about some magic here!

Blockchain For Insurance in India Starts

15 major insurance providers, which includes ICICI Prudential Life, HDFC Life and SBI Life Insurance have teamed up with IBM and Cateina Technologies, which is a provider of blockchain based automation process, for using blockchain in the insurance sector.

More at: 15 Major Insurance Providers Join Forces To Use Blockchain For Sharing Medical Records! – Trak.in

First Healthcare Blockchain Claims Management Solution Released – HIT Infrastructure

By Elizabeth O’Dowd    January 9, 2018

Healthcare blockchain is becoming a reality as Change Healthcare releases its blockchain claims management solution.

Change Healthcare announced the general availability of its healthcare blockchain solution for claims management to deliver transparent claim lifecycles.

The new healthcare blockchain release aims to introduce blockchain into the healthcare industry and increase trust by enabling greater auditability and traceability. This will also create a more secure and manageable revenue cycle management process.

Change Healthcare previously announced the launch of its Intelligent Healthcare Network back in September, with the intention of a full-scale rollout by the end of 2017.

More at:  First Healthcare Blockchain Claims Management Solution Released – HIT Infrastructure

Marine and transport re/insurance to be transformed by blockchain and IoT: LMA – Reinsurance News

By Marianne Lehnis    January 2, 2018

In coming years the marine and transport re/insurance sector stands to be rapidly transformed by blockchain and IoT technology, both in terms of the risks they underwrite and how they do so, creating new opportunities for re/insurers.

Blockchain tile image via ZDNet“IoT could also give insurers access to new data, such as station-keeping data for floating offshore platforms or data on ‘hogging and sagging’ of super tankers, which would enable insurers to monitor fatigue of vessels,” according to the Lloyd’s Market Association Viewpoint publication.

Although blockchain and IoT technologies are currently in the pilot stage within the marine and logistics sector, Lloyd’s stated that these lines of business are expected to be among the biggest adopters of IoT.

New initiatives to incorporate the technologies include a blockchain supply chain system, piloted by IBM and Maersk – it’s being used by Maersk to process 10 million containers this year.

More at: Marine and transport re/insurance to be transformed by blockchain and IoT: LMA – Reinsurance News

Nationwide will pilot blockchain-based proof of insurance – Digital Insurance

By Nathan Golia    December 20, 2017

While the crypto-currencies that spurred the development of blockchain technology skyrocket in value, the underlying platform, which decentralizes records in order to make them tamper-proof, is being explored by insurance carriers for several use cases.

Nationwide has agreed to pilot a blockchain-based proof-of-insurance concept on an application being developed by The Institutes RiskBlock Alliance, a consortium of insurers that are attempting to develop standardized blockchain applications for the industry. The application will allow law enforcement to be assured of up-to-date, accurate coverage information from motorists thanks to the security of the blockchain, starting with Nationwide. Eventually, the vision is for more insurance carriers to put their information on the blockchain and reduce reliance on paper forms.

“Blockchain, unlike so many of the other emerging technologies, is different because the value accrues in a platform effect rather than a transactional effect,” says Seth Flory, VP of IT strategy and technology innovation at Nationwide and one of the company’s liasons to RiskBlock Alliance.

More at: Nationwide will pilot blockchain-based proof of insurance – Digital Insurance

23 more insurers sign on with blockchain consortium – Digital Insurance

By Nathan Golia    Published October 03, 2017 5:14am EDT

The Blockchain Insurance Industry Initiative has added 23 new companies to its Market Testing program.

These entrants bring the total number of consortium members to 38. B3i started last year with five members before adding 10 more earlier this year. The latest cohort has signed on following a successful prototype introduced at the reinsurance industry’s annual Monte Carlo conference this summer.

The new additions are AIA, AIG, Aon, Chubb, Covéa, Everest Re, Gen Re, Guy Carpenter & Marsh, JLT Re, Leadway Assurance, LocalTapiola, Mapfre Re, Navigators, PartnerRe, QBE Re, SAHAM Assurance, Sava Re, Takaful Emarat, TigerRisk, Trust Re, UnipolSai and Willis Re. Some of the companies, like AIG and Gen Re, have explored blockchain previously.

More at: 23 more insurers sign on with blockchain consortium – Digital Insurance