Blockchain is Changing Insurance Markets Inside and Out

All around the world, and throughout almost every industry, analysts have been puzzling over how the cryptocurrency revolution could eventually come to shape their businesses. That’s an important area of investigation, but it also reflects the fact that the wider world may be missing the point. In reality, it is not cryptocurrencies that stand to turn the business world on its ear, but the technology that makes them work: blockchain.

Savvy investors should have already noticed that some of the biggest corporations on Earth have been dumping billions of dollars of research and development dollars into the technology, with no signs of slowing down. That’s happening alongside about $1.3 billion in venture capital going to blockchain startups in this year alone. The heat in the space guarantees that we’re about to see an explosion in blockchain development that will have wide-ranging effects. The global insurance industry, in particular, is already showing the signs of a makeover-in-progress due to the technology, but it’s also seeing a rise in external competition because of it. Here’s what’s happening and why it matters.

Insurance: Certainty In In Uncertain Industry

The insurance industry, at its core, is all about risk. Insurance companies use various statistical measures and algorithms to forecast risk and to offer products that serve consumers but also turn a profit. That profit motive often leads to policy conditions that consumers find complex and confusing and has done much to erode public trust in the industry. The complexity leads many to believe that insurers are looking for ways …

Read the full story at Benzinga.

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