DIGITAL TRANSFORMATION
The future is yet to come Insurtech companies are disrupting traditional insurance models by taking advantage of modern technology , and one of these is blockchain . Not only can blockchain help decrease costs for insurers when issuing policies , but it can also increase transparency between all parties involved .
Mussenbrock ' s vision , for example , is to have " no humans involved in processing or proving a claim , so they are super fast and proven in real-time ." In fact , his company Etherisc is already using machines to directly monitor flights and payout any necessary claims based on cancellations and delays without human intervention .
Juan Mazzini , Senior Analyst at Celent , thinks differently , stating , “ Distributed Ledger Technology ’ s ( DLT ’ s ) initial hype has led to a clearer understanding of its real potential and shortcomings . For now , its promise to revolutionise insurance has fallen short . While insurance processes have many features that could benefit from a shared ledger approach , most of its value is realised when multiple parties are involved and need
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