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Digital ledger technology, widely known as blockchain, has been touted by many as an ideal solution to some of the insurance industry’s most vexing data, technology and communications challenges and its use in the sector ratcheted up in 2018.
The supposedly secure, electronically shared record is projected to provide efficiencies of cost and time to the insurance industry, with the enhanced enablement of multi-party transactions seen as one critical application.
A story examining the potential for blockchain in insurance was the ninth most read story on Business Insurance’s website in 2018.
Industry players have already begun to deploy the technology in initial scope, such as Zurich Benelux, part of Zurich Insurance Group Ltd., and Accenture PLC’s surety bond blockchain application.
And Willis Towers Watson PLC, Axa XL, a unit of Axa SA, MS Amlin PLC, Ernst & Young LLP and shipping firm A.P. Moller-Maersk Group teamed on a project to use blockchain for marine insurance.
In addition, Marsh LLC and International Business Machines Inc. expanded their relationship with Salesforce.com Inc. using Marsh’s blockchain proof of insurance and The Institutes RiskBlock Alliance in September launched Canopy using Corda blockchain platform from R3CEV LLC.
R3 in July had launched Corda Enterprise, a commercial version of Corda, the software firm’s open-source blockchain platform.
HOUSTON — Efforts by insurers to implement blockchain technology could create significant efficiencies in the insurance purchasing and claims processes, a panel of experts said.