Blockchain: Element of faith required from industry
(Re)insurers and brokers should not expect blockchain investment to provide ‘instant gratification’, but should instead be looking five years’ into the future for tangible return on investment, a panel heard. B3i, the blockchain pilot involving 38 insurance companies, is to move from being a consortium to being an incorporated legal entity following its period of market testing. Blockchain is gaining popularity among insurers, who will need to figure out how to integrate it with legacy systems, says Michael Clifton, senior vice-president, global insurance strategy and ventures at Cognizant.
However, there is optimism that further use cases for the technology will emerge over the coming year.
Patrick Shmid, vice president at industry-led consortium The Institutes Riskblock Alliance, said
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
Most read
- Aviva CEO warns home insurance premiums need to go up
- Integration and restructuring costs push RSA to 2023 loss
- Which urges FCA to take action on premium finance following investigation