As the decade comes to a close, new technologies are having a major impact on how insurance industry participants conduct their operations – especially how they collect, process, analyze, store and disseminate vast amounts of data – as well as how they interact with those with whom they do business. In recent years, blockchain technology has gained increased visibility as a type of innovative technology with the potential to transform the insurance industry. Although insurance industry participants have generally been eager to learn about the capabilities of blockchain technology, relatively few have begun the process of identifying ways to incorporate such technology into their business, preferring a more cautious “wait and see” approach instead. Similarly, insurance regulatory authorities, while generally curious about the nature of blockchain technology, have only started taking steps to ensure that the regulatory framework can keep pace with the potential changes accompanying this technology.
