Is the hype over blockchain impeding progress in insurance?

Insurance Business America | May 01, 2019

Is the hype over blockchain impeding progress in insurance?
Blockchain has undoubtedly been one of the most talked-about new technologies over the past few years and many expect it to transform the insurance industry – yet uptake remains limited. So why has progress been so slow? Bijesh Jacob, senior VP of technology and standards for ACORD, is a thought leader on the adoption and implementation of blockchain – he says the excitement around the new technology may actually have hampered its uptake. “The hype around blockchain is that it will solve everything under the sun […] and I think that impedes some adoption because people are going into blockchain with high expectations,” says Jacob. Of course, high expectations don’t naturally spell disaster – when artificial intelligence first arrived on the scene, there was a similar level of hype, but implementation was widespread and rapid. In fact, a 2018 Accenture report found that 80% of insurance leaders intended to have AI integrated into their operations in the next two years.

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Luna Medical, Inc. was established in 1996 in response to a need for a company that provides medical products and education for patients diagnosed with Lymphedema, Chronic Venous Disease, and Lipedema. Luna Medical continues to maintain family ownership. From our headquarters in Chicago, Illinois, we continue to service lymphedema patients, lymphedema therapy programs and insurance companies nationwide. Luna Medical has national and regional insurance contracts with commercial insurance payers, insurance networks and self-funded Hospital Healthcare Systems.

Spotlight

Luna Medical, Inc. was established in 1996 in response to a need for a company that provides medical products and education for patients diagnosed with Lymphedema, Chronic Venous Disease, and Lipedema. Luna Medical continues to maintain family ownership. From our headquarters in Chicago, Illinois, we continue to service lymphedema patients, lymphedema therapy programs and insurance companies nationwide. Luna Medical has national and regional insurance contracts with commercial insurance payers, insurance networks and self-funded Hospital Healthcare Systems.

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