Block-chain in insurance

I just came across this article about EY, Maersk and Microsoft around blockchain-based marine insurance. MS Amlin gets a mention too.

Some very interesting developments happening locally too around Cryptocurrency. The SA Reserve Bank is piloting a programme to see if they can apply regulation.

I have invested my time in trying to understand the bloc-chain world more, and the ability for it to become massively disruptive will be sooner rather than later in my opinion. If established institutions do not start investigating on how they can leverage this technology, then I think the end is near.

“If the rate of change on the outside exceeds the rate of change on the inside, the end is near” Jack Welch.

I am starting to see it happen here. Traditional insurers are having to start offering different products to their clients. Pension funds can longer just survive on their base of products that they have had for 20-30 years. Customers are wising up and are now the ones with the power; They determine price, product and accessibility. If they don’t get it from you then they will get it from someone else. This creates a pressure on business to be more competitive, do more with less and be too afraid to look out to the markets and invest in technology.

Everything comes at a cost, but business need to almost look past this and move from process driven decision making to data driven. Instantaneous, predictive insights in a simple visualization.

I would be interested in your thoughts and if my ideas are inline.