A recent report from Deloitte details the benefits and threats of blockchain technology in P&C insurance, from improving underwriting and reducing fraudulent claims to challenging the status quo. “Given its ambitious potential to drive simplicity and efficiency through the establishment…
This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Author: Victoria Lemieux, Associate Professor, Archival Science and Founder & Co-Lead…
The insurance industry needs a “killer use case” for blockchain that all stakeholders can agree on before moving forward with more widespread adoption, a speaker suggested Wednesday at the Insurance-Canada.ca Technology Conference. “I think we are still on that journey…
A blockchain-based business insurance model that could see non-regulated investors as the capital providers is coming sooner that you think, although it may not necessarily arrive in Canada in the short term, predicts an executive who has led two major…
One of the biggest risks posed by blockchain-based currencies is financing of terrorism and it is reasonable to ask whether there should be tighter regulation of this technology, federal finance minister Bill Morneau told a Senate committee. Bitcoin is one…
Given that “there are no 10-year-old blockchain companies” in an industry that relies heavily on historical data, how do insurers assess a submission for insurance related to the distributed ledger? Just like you would for any type of “traditional insurance”:…
Brokers looking to place directors and officers (D&O) insurance coverage for clients involved with blockchain or digital assets will not have an easy time finding the coverage, since there is a limited underwriting appetite for it. “It’s definitely feasible, and…
The rise of blockchain and cryptocurrency technologies have triggered an explosion in securities litigation, a lawyer specializing in the field said last week during a webinar on the insurance implications of blockchain and cryptocurrencies. Alex Drylewski is a partner of…
As the hype around blockchain continues and it looks increasingly like the technology is here to stay, insurers are taking a closer look and seeking to create coverages to respond to this evolving market. Blockchain currently has a variety of…
The trick to getting blockchain to work in the insurance space is getting all the players in the market to align and agree on common standards and a way to govern the blockchain, Aon Benfield’s chief information officer said Friday.…
One of the “disruptive promises” of blockchain is the ability to use it for insurance, and Canada’s largest insurer confirmed recently that it is exploring its potential. Thus far, however, blockchain “is still [a research and development] project” at Intact Insurance, Jean-François…
Canadian insurance brokerages have already made inquiries to an Estonian-based insurance company that is working on a revolutionary blockchain distribution model. Black Insurance is setting its sights on cutting out the “intermediaries” in the insurance sales process – the insurance…