Blockchain insurance promises faster claims payments and cheaper coverage!

20 March 2018 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

Insurance.com 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!

This blog is made available by Foley & Lardner LLP (“Foley” or “the Firm”) for informational purposes only. It is not meant to convey the Firm’s legal position on behalf of any client, nor is it intended to convey specific legal advice. Any opinions expressed in this article do not necessarily reflect the views of Foley & Lardner LLP, its partners, or its clients. Accordingly, do not act upon this information without seeking counsel from a licensed attorney. This blog is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Communicating with Foley through this website by email, blog post, or otherwise, does not create an attorney-client relationship for any legal matter. Therefore, any communication or material you transmit to Foley through this blog, whether by email, blog post or any other manner, will not be treated as confidential or proprietary. The information on this blog is published “AS IS” and is not guaranteed to be complete, accurate, and or up-to-date. Foley makes no representations or warranties of any kind, express or implied, as to the operation or content of the site. Foley expressly disclaims all other guarantees, warranties, conditions and representations of any kind, either express or implied, whether arising under any statute, law, commercial use or otherwise, including implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Foley or any of its partners, officers, employees, agents or affiliates be liable, directly or indirectly, under any theory of law (contract, tort, negligence or otherwise), to you or anyone else, for any claims, losses or damages, direct, indirect special, incidental, punitive or consequential, resulting from or occasioned by the creation, use of or reliance on this site (including information and other content) or any third party websites or the information, resources or material accessed through any such websites. In some jurisdictions, the contents of this blog may be considered Attorney Advertising. If applicable, please note that prior results do not guarantee a similar outcome. Photographs are for dramatization purposes only and may include models. Likenesses do not necessarily imply current client, partnership or employee status.

Authors

Related Services