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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