Blockchain Technology a Source of Both Disruption and Opportunity for Insurers, Says Novarica
November 21, 2016 (BOSTON) – When Novarica published its 2015 report on blockchain, the concept had not yet become relevant to the insurance industry. One year later, “blockchain” has become the enterprise equivalent of a household name. In its latest executive brief, available at http://novarica.com/blockchain-2016/, Novarica predicts the technology will have a significant long-term impact on insurers across the board.
“While it’s too early to say whether blockchain will have a fundamental impact on how insurers do business, you can be confident that it will become an important platform for some lines in the near future,” said Jeff Goldberg, Vice President, co-author of Novarica’s 2016 report on blockchain. “At its simplest level, blockchain is an open, distributed ledger system that is also secure and reliable. At a more fundamental level, we’re talking about the automation of the most basic value proposition for insurers: trust.”
The executive brief provides an introduction to the mechanisms underlying blockchain, an overview of existing use cases in the insurance industry, and a limited list of startups and established tech companies that will partner with insurance carriers to implement blockchain solutions.
Desk copies of the brief are available to qualified media. Please contact firstname.lastname@example.org or call Adam Asher at 617-897-1921 for more information.
Novarica helps more than 80 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its clients include more than 80 property/casualty and life/annuity insurers. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project assurance, and IT strategy. More information at www.novarica.com.