IBM Global Business Services Point of View
Armonk, NY (June 28, 2017) – The insurance industry is looking at technology to enable new ways of working for the market. Blockchain is one such technology. Some of the First Mover Insurers (Trialblazers) are looking to blockchain to help drive their wider transformation agenda by focusing on new access to trusted information and new business models. These Trialblazers not only see the value in participating in the broader financial services blockchain ecosystem, but they also see blockchain as an opportunity to improve efficiency, lower the costs of transaction processing, enhance the customer experience, improve data quality, increase trust between parties and support auditability, among other benefits.
Although blockchain is currently embryonic and unproven, it has the potential to radically alter insurance business models and even render them obsolete.
In the longer term, the potential disruption to the insurance industry from blockchain technology is staggering. Blockchain technologies will enable the creation of assets in a new, distributed form — such as documents, credentials, assessments and transactions — that span the entire insurance value chain. These distributed assets will challenge the traditional insurance business model.
IBM is helping Insurers across the globe to determine what use cases are best suited for blockchain, and how to make it easier to innovate on top this middleware fabric. During our discussions, it has come out clearly that a majority of the insurance CIOs are keen to understand how they can potentially leverage Blockchain to overcome the challenges they are facing today in the Insurance Industry. In this paper, we discuss the challenges in the Insurance Industry and how blockchain can potentially solve them.
Blockchain is so profound it will do for trusted transactions what the internet did for information.
Ginni Rometty, IBM CEO, FinTech Ideas Festival Keynote, 2017
Download the white paper to read more.
IBM (NYSE: IBM) is the leader in open-source blockchain solutions built for the enterprise. As an early member of Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies, IBM is dedicated to supporting the development of openly-governed blockchains. IBM has worked with more than 400 clients across financial services, supply chains, IoT, risk management, digital rights management and healthcare to implement blockchain applications. For more information about IBM Blockchain, visit www.ibm.com/blockchain.
Source: IBMTags: blockchain, IBM, outlook / predictions, Transformation