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BlockChain and Insurance: Decentralizing Ledgers to make Claims Processing more Efficient
Banks and finance companies are already actively exploring the blockchain technology. In early 2017, for example, more than 30 companies, like Accenture, BP, BNY, Mellon, Microsoft, Intel, JP Morgan, and UBS teamed up in an alliance calle the Enterprise Ethereum Alliance (EEA) that will try to apply blockchain to business processes.
One business application of blockchain with big potential is in the area of insurance. The use of blockchain has the potential to create secure and shareable ledgers that can be used by many different parties. Recently, for example, AIG (American International Group), a huge insurance company, announced that it was teaming with IBM to develop smart insurance policies based on blockchain technology.
Julian Martin, Gallagher Bassett’s General Manager of Information and Technology Services, said that “blockchain has potential applications across the insurance and claims management industries as it is a decentralised ledger where authorised assets and their associated policies could be registered making for easier and more efficient claims processing.”
Ingemar Svensson, CEO of InsureX Technologies, said that “Blockchain technology presents an exciting opportunity to disrupt the insurance industry. Preliminary estimates are that gross written premiums generated by insurers contribute 3.5 trillion or 5.7 percent of the global GDP – that is a massive opportunity. Currently, insurance is traded and processed in traditional ways, often manually and with layers of intermediaries. As part of the typical insurance deal, a large amount of documents and data have to be exchanged, which in a manual system introduces cost, delays and errors to the process.”
