From AXA to Alibaba's ZhongAn, big insurers are looking at how blockchain technology could improve claims, underwriting, and more.
Despite huge advances in IT, much of today’s business supply chain remains a web of fax machines, handwriting, and siloed databases spread across disparate countries and contractors.
The resulting complexity is ripe for disruption, and corporate giants are betting that a decentralized technology like blockchain can help.
Costs can balloon quickly, especially in the insurance and reinsurance industry. The Reinsurance Group of America estimates that about 3-4%, or one out of every thirty claims, is fraudulent.
We take a look at 5 insurance giants leveraging blockchain to increase efficiencies across the space, from improving money transfer to implementing smart contracts, and more.