Blockchain-based processes could save claims handlers nearly 1.5 million hours each year. (Photo: Alexander Yakimov/Shutterstock)
The Institutes RiskStream Collaborative has analyzed the benefits that blockchain and distributed ledger technology (DLT) applications could bring the insurance industry.
The collaborative's analysis looked specifically at how a consortium-based approach to blockchain could support two events common in property and casualty insurance: proof of insurance and first notice of loss following an accident, both in personal auto lines.
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Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].
