Blockchain

ITL's Paul Carroll interviewed blockchain expert Pat Schmid, highlighting advancements in enterprise blockchain, particularly the transformative potential of "Rapid X" in streamlining claims processing.

ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance.

This month's focus is Blockchain.

Digital vehicle titling is revolutionizing auto insurance, offering same-day service and cost savings. West Virginia is setting the example. 

These technology trends will reshape the way insurance companies operate, interact with customers and mitigate risks.

Insurers are looking to harness the power of blockchain to infuse processes with the three T's: trustworthiness, transparency and tamper-resistance.

Bond execution still involves antiquated technology like typewriters and fax machines. It’s time to catch up, including with blockchain. 

Though blockchain has vast potential due to security and trust, some of its benefits, such as decentralization and distributed processing, can turn into limitations.

Let's take a look at three options for how blockchain is transforming insurance and improving insurance services.