BLOCKCHAIN
“ Adoption within insurance firms has certainly been slower than in similar industries , but the tide is turning ”
RICHARD DHUNY UK DLT AND CRYPTO LEAD , GFT
need to submit information once , as well as for fraud detection , pricing , claims handling and underwriting .
Business leaders not fully embracing blockchain One of the reasons that insurance has not fully embraced blockchain is an apparent hesitancy caused by a lack of understanding around the benefits it can bring . According to market research company GlobalData , a fifth of business leaders think blockchain is “ all hype and no substance ” with better-understood technologies – like artificial intelligence ( AI ), cybersecurity and cloud computing – more likely to solicit positive reactions .
“ Blockchain has often been a poorly defined and misunderstood topic ,” says Benjamin Hatton , Insurance Analyst at GlobalData . “ Its association with the world of cryptocurrencies and digital assets has left it with a poor reputation among many . Although this may set back the development and implementation of blockchain in insurance , use cases will remain and continue to emerge in the future . As regulation is
72 March 2023