BLOCKCHAIN
“ By storing data on the blockchain , insurance companies can reduce the risk of human error when completing tasks like processing claims or updating records ”
NISH KOTECHA CHAIRMAN , FINBOOT frequently referred to as ‘ distributed ledger ’ technology ( DLT ), and it ’ s this that has the power to reshape the insurance landscape . DLT has existed for more than a decade and has been widely adopted within the mainstream of financial services , but insurance is slow to catch up . “ Adoption within insurance firms has certainly been slower than in similar industries , but the tide is turning and we are now seeing more insurance firms examining ways that DLT can support their business growth ,” explains Richard Dhuny , UK DLT and Crypto Lead at digital transformation specialists GFT . “ One of the main drivers for this is that insurers are beginning to look beyond DLT as an isolated enterprise technology . Instead , they are starting to understand where DLT ’ s value truly lies – as a catalyst for business ecosystem transformation .”
Dhuny believes that DLT could be used for know-your-customer ( KYC ) protocols to share data within a private blockchain , meaning that customers only
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