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The industry titans, such as the global insurance brokerage Marsh and Aon, have already recognized the potential in blockchain and now, more companies are coming on board to further push the technology into insurance.
EY has recently announced that it will serve as a primary provider of cybersecurity and risk management services linked to the blockchain for the Institutes RiskBlock Alliance, which is the first blockchain consortium for the risk and insurance management sector. The collaboration will assist the RiskBlock Alliance in identifying the exclusive risks of its blockchain and in identifying practice controls and providing specific cyber-safety assessments and tests of the blockchain, according to EY.
"We believe that trust in the platform and applications is paramount," said David Bassi, Executive Director of EY. "Considering some of our strengths in that area, we thought we could better support them in the short term and evolve [that support] over time."
Given that the global blockchain insurance market is expected to grow from $ 64.5 million to $ 1.33.8 million by 2023, a projection from a ReportLinker study, it is not surprising that Bassi sees the insurance industry pay more attention to technology and often, already waiting to implement in a variety of processes.
"A year ago, many of the discussions I had had were more curious -" we've heard about this technology, we know a bit about Bitcoin, we know it was part of Bitcoin, and we've heard people talking about it's something that's important, "explained Bassi. "It was the new bright object type syndrome, but now people are really starting to look at it from a different perspective, they think about the business problems they have and think about what they want to do on those instead of people saying" this blockchain stuff " it's quite nice, we talk about where we can use it, "people now have in their blockchain arsenal one of the potential tools they can use."
To learn more: Aon's latest study talks about the "true potential" of the insurer's blockchain
Among the benefits that can be drawn from the blockchain there are the reduction of friction costs and information asymmetry, which can be seen in the case of use of the insurance test – one of the 40 that RiskBlock has identified and is ready to test.
"If someone suffers an accident, they must demonstrate that they have an insurance," said Bassi, adding that the process to provide such proof can be cumbersome since people must possess a physical card, which could be inaccurate or falsified. . "Rapid advancement towards a future where the forces of order and the insured have access to an app that gives them the opportunity to electronically provide proof of insurance".
This in turn would eliminate the need for call centers, eliminate the time needed to provide that proof for customers by sending insurance cards and would generally create a different business model, although there are many other areas in which the blockchain is applicable. # 39; maritime transport industry and the ability to put the covers and take them off when the ships pass through the war zones, as well as the mobility space, where consumers are already moving towards the sharing of goods, such as cars , against owning them.
To learn more: Transcripts reveal the interest of insurers on the blockchain
"It's about access, [and] the security around that access, around who can see what, by ensuring that you are validating who is who, and making sure that the information is not corrupt and accurate, "Bassi said.
