Blockchain, which opportunities for insurance?

Ernst & Young publishes a report that identifies the implications, positive and negative, for the insurance industry of what has been called the greatest invention since the Internet. Meanwhile, the US giant John Hancock starts to experiment the possible uses

Published on 01 Jun 2016

Even in 2014, the venture capitalist Marc Andresseen defined the blockchain the greatest invention since the Internet.

the blockchain (after the erroneous identification with the Bitcoin phenomenon) technology over the past two years began to emerge as a technology able to revolutionize many areas, starting with the financial one, resulting in an increased investment in this area by venture capitalists but also in banking institutions and companies.

Ernst & Young, now E&Y, a leading consulting firm in the world, has published the report “Blockchain technology as a platform for digitization – Implications for the insurance industry” in which explains the functioning of the technology, its future development, the implications , applications and implications for the insurance industry. The report identifies the range of opportunities and critical issues which need to be addressed.

Opportunities which the insurance giant John Hancock has already begun to deal with.

From 2015 John Hancock established the LOFT (Lab of Forward Thinking), a huge center located in the Innovation District of Boston dedicated to the development of innovation, very forward-looking and highly experimental.

Recently the LOFT activity came to the frontier of blockchain: is was in fact announced a collaboration with ConsenSys and BlockApps (two young companies that develop applications on blockchain technologies) addressed the development of new services for the management of the assets of new customers and new ways to manage insurance processes.

As reported by CoinDesk, there are no insurance products ready for the end customer based on blockchain technologies, but it is clear that the company is exploring this area.

The head of innovation of John Hancock, Ace Moghimi, said to CoinDesk that his team is working on several blockchain applications aimed mainly at making the company more transparent and more efficient.

“When developing innovation we start from a customer need or a business problem to be solved. But in the case of blockchain, we are first of all assessing the impact that this technology could have on our operational efficiency and effectiveness”.

About experimentation of John Hancock in blockchain field, find here the full article.

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