How Blockchain Can Disrupt Insurance

Blockchain innovation is gradually taking hold in the insurance sector in an unprecedented way. Insurance giants and startups worldwide are attempting to use blockchain-based solutions to deal with operational inefficiencies of the insurance industry.

While digitization and technology have always existed in the insurance sector, blockchain innovation has emerged as rocket fuel for transformative change.

In fact, behavioral shifts induced by COVID-19 have unfurled a promising opportunity for the insurance industry to upskill and adopt digital technologies like blockchain.

Blockchain technology has a lot to offer to both insurers and their insureds in different segments, from claims management and fraud detection to reinsurance and peer-to-peer insurance.

Acting as a digital hub for all corporate transactions and data streams, blockchain innovation can reduce a lot of paperwork that worsens the customer experience.