The Trick To Getting Blockchain To Work For Insurance

The trick to getting blockchain to work in the insurance space is getting all the players in the market to align and agree on common standards and a way to govern the blockchain, Aon Benfield’s chief information officer said Friday. “There’s a massive efficiency play there if you can get alignment across the different parties in the chain,” Bob Olson said in an interview. “That’s always the big trick: can you get all the players in the chain to align and agree on common standards [and] a common way to govern the blockchain? That’s kind of what the industry is going through now — to try and figure out which consortium, which group is going to get the right momentum behind them [and then] get some standards built.”