Blockchain insurance promises faster claims payments and cheaper coverage!

20 March 2018 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel reported that Allstate Insurance is optimistic that “Blockchain has the potential to revolutionize underwriting…”  The March 16, 2018 article entitled “Blockchain could ‘revolutionize’ insurance” included these comments from Dale Sherman, Allstate vice president of claims:

Coverage could be just-in-time or on-demand. You can imagine mile-by-mile insurance for a specific individual based on their very specific, idiosyncratic risk profile that would change in value, and there could be a bidding marketplace.

Blockchain could enable that in real time depending on where they are going.

The article also included these comments from Tara Acton (Denver-based director of claims and senior corporate counsel at telecommunications firm CenturyLink Inc.):

Efforts in the insurance and reinsurance sector to test blockchain transactions for catastrophe losses, if successful, could reduce costs and make transactions more efficient,…

The ability to process those large catastrophic losses with one proof of loss that’s shared amongst everyone … we could dramatically reduce the administrative costs and friction for insureds in that space…

Great news for Blockchain!

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