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Any technological revolution can bring with it challenges that are decidedly not technical, according to some involved with the rapid expansion of digital ledger technology, or blockchain, into insurance.
“I think the notion of sharing processes and practices which have traditionally been very competitive continues to be a little bit of a challenge as to who opens up first and who shares how much information,” said Sandip Patel, Boston-based global managing director of insurance industry for IBM Corp. “We’ve seen some of that happen, where establishing a level of trust across parties has been one of the business challenges.”
Those developing the technology must also make a case for its adoption by instructing in its use and highlighting the myriad benefits.
RiskBlock is developing and deploying resources aimed at “winning the hearts and minds” of the insurance industry, including creating educational and training programs, such as a four-hour online education course, said Christopher G. McDaniel, president of The Institutes RiskBlock Alliance, based in Malvern, Pennsylvania.
Mr. McDaniel added that such efforts are “key to removing barriers” in the industry. “That’s the real challenge.”
From the thousands of insurtechs looking to transform insurance, here is a sampling of startups focused on commercial insurance applications. All of the companies have been recognized by Insurance Thought Leadership Inc..as an “Innovator to Watch.”