a.i & blockchain

why should insurance companies be concerned about blockchain technology?

a recent report from deloitte details the benefits and threats of blockchain technology in p&c insurance. new insurance processes and business models built on the technology could affect underwriting accuracy, fraud and complex liability assessments for reinsurance. the report is titled “blockchain in insurance: why should you care”.

blockchain technology can help reduce costs, improve risk assessment and enhance client onboarding. early adopters of the technology are primarily investing in underwriting and claims processing. the technology can fundamentally alter the claims processes, leading to simplified or automated submission. it can also lead to reduced losses from fraud, automated compliance and improved customer experience.

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