Previously cumbersome processes such as claims, big underwriting cases and reinsurance stand to benefit from blockchain adoption. (Shutterstock)
While there's been a lot of back and forth on the issue of blockchain, from what it actually is to whether it would be more effective than other technologies currently prevalent in insurance, by now we've established that blockchain is already under consideration for adoption by several major insurance companies.
Indeed, insurance is leading the way in its adoption. The industry is gaining the understanding that blockchain is a highly accurate general ledger technology that — somewhat like Google Docs — can be shared selectively with users.
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