Blockchain: Element of faith required from industry
(Re)insurers and brokers should not expect blockchain investment to provide ‘instant gratification’, but should instead be looking five years’ into the future for tangible return on investment, a panel heard. B3i, the blockchain pilot involving 38 insurance companies, is to move from being a consortium to being an incorporated legal entity following its period of market testing. Blockchain is gaining popularity among insurers, who will need to figure out how to integrate it with legacy systems, says Michael Clifton, senior vice-president, global insurance strategy and ventures at Cognizant.
However, there is optimism that further use cases for the technology will emerge over the coming year.
Patrick Shmid, vice president at industry-led consortium The Institutes Riskblock Alliance, said
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