Is the hype over blockchain impeding progress in insurance?

Insurance Business America | May 01, 2019

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.

Spotlight

Advanced insurance administration technology promises to help insurers, MGAs and brokers to simplify processes, reduce costs and transform the customer experience. But how can you make sure you’re choosing the right solution and company to partner with?

This short guide sets out the 10 essential questions insurance businesses should ask when selecting a new software provider.

Spotlight

Advanced insurance administration technology promises to help insurers, MGAs and brokers to simplify processes, reduce costs and transform the customer experience. But how can you make sure you’re choosing the right solution and company to partner with?

This short guide sets out the 10 essential questions insurance businesses should ask when selecting a new software provider.

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CLAIMS,INSURANCE TECHNOLOGY

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Insurity | December 14, 2022

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CORE INSURANCE, RISK MANAGEMENT

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Risk Strategies | January 31, 2023

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CORE INSURANCE,INSURANCE TECHNOLOGY

PCF Insurance Services Expands F&I with Acquisition of Direct Dealer Services in Illinois

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