BLOCKCHAIN
“ Within the insurance sector , there are some really interesting blockchain applications coming from innovative providers ”
RICHARD DHUNY UK DLT AND CRYPTO LEAD ,
GFT
parametrically measuring rainfall amounts in an insured field , smart contracts can also automatically trigger flood or drought claims , paying farmers without them even needing to file a claim .”
And Finboot ’ s Nish Kotecha is brimming with enthusiasm about a blockchain future : “ Consider a world where each physical asset has its digital twin stored on a blockchain : the ownership can be easily transferred , and each activity is immutably recorded . This digital passport is then used for the provision of insurance , which is based on facts rather than perception of the asset and its historical uses and claims . If insurance provision can be made more accurate , surely it can be made cheaper and more accessible while saving time , money and resources for insurance companies ?
“ If insurers can track the asset , not the consumer , we have the ability to embed insurance along with the asset , rather than relying on each new owner to update the insurer on the condition or use of the asset . This has the ability to change the insurance industry forever .”
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