Other parts of this series:
InsureTech Connect opens today in Las Vegas. Join me to learn how blockchain is maturing into a transformational technology for the insurance industry.
Insurers understand the advantages of distributed ledger technology (DLT) and blockchain. However, due to unrealistic expectations (about how quickly and easily the value of DLT might be realized) and cultural challenges (of reshaping core industry processes), the technology has not yet delivered the anticipated benefits. Many firms that have launched DLT pilots and proofs of concept—even successful ones—remain uncertain about how to realize a return on investment in a production setting.
On September 25, I will be moderating a panel discussion at InsureTech Connect in Las Vegas. The largest insurtech conference in the world, the event brings together technology leaders from around the globe to discuss emerging trends, solutions and case studies.
Our discussion, the Blockchain Breakthrough in Insurance (2 – 2:50 pm local time), features a panel of experts who will discuss how blockchain is rapidly maturing into a transformational technology. For incumbents and insurtechs wondering about the future of DLT in the insurance industry, we’ll consider the following key questions:
- What is the insight that is changing the game?
- How can companies approach blockchain and DLT as a team sport?
- How can insurers move to production and scale their innovations to unlock value from this technology?
Our panel, which includes executives representing insurers, blockchain platforms and blockchain alliances, is comprised of:
- Rich Meszaros, Global Lead for Industry X.0 Digital Transactions, Accenture
- Christopher McDaniel, President, The Institutes RiskStream Collaborative
- Bob Olson, CIO Reinsurance, Aon
- Ryan Rugg, Global Head of Industry Verticals/Global Head of Insurance, R3
The blockchain market, in insurance globally, is expected to grow from $64.5 million in 2018 to $1.39 billion by 2023. That’s a compound annual growth rate of 84.9 percent, confirming that insurers are eager to adopt this technology. In the Accenture Technology Vision 2019 survey, more than 80 percent of insurance executives reported that their organizations have adopted DLT across one or more business units, or are piloting or planning to pilot the technology.
- The growing maturity of software platforms such as R3 Corda and Hyperledger Fabric, which are now ready to support production-grade DLT solutions.
- Carriers looking to DLT to unlock efficiencies against a backdrop of forecasts of slow or flat industry growth.
- Industry players understanding that collaboration and partnerships present the best opportunity to unlock the value of DLT, and pushing their ecosystems to align with the technology. DLT could potentially shift the cost curve through revenue growth and cost reduction if insurers team up to redefine how they engage with each other, and their customers, partners and broader ecosystems.
If you’d like to learn more, Accenture’s recent report, The Blockchain Breakthrough in Insurance, is an excellent primer for our InsureTech Connect discussion and includes several examples of how DLT is already being used in the insurance industry.
I look forward to seeing you at the event.