Insurance leaders are winning with blockchain through teamwork. This breakthrough has changed the industry playbook and here’s why.
Since its early years, distributed ledger technology (DLT)—and specifically, blockchain—has been on the insurance industry’s radar as a potentially transformative tool for core processes and business models. I speak with clients about blockchain on a regular basis. And Accenture research found that more than 80 percent of executives reported that their companies have either adopted or plan to adopt DLT across one or more business units.
Pilots and proofs of concept (POCs) have shown varying levels of success, but until recently, firms were uncertain on how to realize return on investment in production. Until now.
Leading insurance organizations are now seeing blockchain’s true value as a catalyst for business ecosystem transformation. That transformation requires companies to work together to create value. In short: teamwork is what makes the blockchain dream work.
A quick blockchain clarification
Before I dive into teamwork, let me first dispel the common misconception that blockchain is simply bitcoin. Bitcoin operates on blockchain, but blockchain has a much wider applicability—for business in particular. (Interestingly, bitcoin insurance is an emerging market that I’m sure we will connect on soon.)
To accurately and simply define blockchain,