There has been a lot of press—and perhaps hype—about blockchain and its potential to revolutionize the industry’s processes and ultimately improve the customer experience. Executive SummaryGlobal insurers and reinsurers are making a serious commitment to testing distributed ledger technology, with 15 companies representing almost half the world’s premium signing onto the first blockchain initiative for the industry.
However, the efforts of the industry’s B3i initiative shows the real commitment of major industry participants to put the blockchain—or distributed ledger technology—to the test.(See related article, “What Is Blockchain and How Does It Work?”, for a high-level explanation of blockchain.)