Insurance industry to increase use of blockchain to cut costs

Posted On: May. 3, 2018 6:34 AM CST

U.K.-based Fitch Ratings Ltd. said that insurers, reinsurers and insurance-linked security market participants are likely to make increasing use of blockchain technology over the coming years, Artemis.bm reports. The ratings agency said that blockchain will help insurers and reinsurers reduce their operating costs, provide more accurate customer-specific data, automate processes and get better risk pricing. The insurance industry said that savings from adopting blockchain could amount to 30% of current annual expenses.