Recently, the Insurance Summit was held in London. Mainstream insurance companies and technology giants have gathered together to use the blockchain to promote the digital transformation of the insurance industry.
Although the $5.5 trillion insurance industry is highly competitive, insurance companies such as Swiss Re, Zurich, and Aegon are using blockchain technology or distributed ledger technology. Instead of competing, we chose to cooperate and share services.
The alliances that have been formed so far include B3i, R3, and RiskBlock.
The alliance model is a good choice to explore management understanding, popular technology, and rapid prototyping of cases, and hundreds of insurance-based conceptual verifications.
In 2017, many major insurance companies suffered losses due to factors such as interest rates and risky environmental turmoil. The blockchain-based approach is mainly reflected in the background function and operational efficiency, which can help insurance companies save 30% of the cost.
The key to digital transformation is to address the global protection gap, and the short-term potential insurance losses of the private sector are passed on to taxpayers, households and businesses. B3i said that through the digital transformation, the insurance industry's new premium growth may reach 700 billion US dollars.
However, to some extent, the alliance's approach may hinder a more fundamental shift in the business model of the insurance industry and hinder the important social role that insurance plays in enhancing people's resilience to natural and emerging risks.
If the digital transformation is carried out, some of the core challenges faced by insurers are that they will encounter doubts from investors who want to maintain the status quo or focus only on short-term quarters. But if current practices remain the same, then many businesses and delivery methods are not economically viable.
The real breakthroughs in many mature industries often come from non-aligned outsiders. Startups and industry upstarts understand the basic attributes of an industry (insurance has four key factors: rules, compliance, ethics, and imagination) and clearly know how to change and reorder technology centers rather than edges.
Big companies are different from emerging accelerators. For example, Ford Motor Company is the pioneer of the modern automotive industry, and Elon? Musk is like an accelerator. Although Ford has a century-old lead, Tesla has already reached Ford's market value.
Many aspects of the insurance value chain are vulnerable to damage. For many new entrants, the core of the strategy is the decentralized autonomy, not the marginal efficiency gains.
These ongoing changes in the insurance sector are not driven solely by emerging technologies, as people's confidence and insurance utility are significantly weakening. In 2017, a large number of people’s claims were not paid or are still awaiting settlement and third party confirmation.
Other factors that are accelerating the digital transformation of the insurance industry are the emergence of major companies such as Amazon, Berkshire Hathaway and JPMorgan Chase, which have joined together to remove more than 1 million employees from the private health insurance market. Out. It can be said that this market has been broken. This market urgently needs efficiency, transparency and improvement of customer results.
The alliance model used by a very powerful Big Three has also received responses from startups and venture capital. In the first city of health care, Nashville, a company like BriovaTIon, launched a medical tokenization program that, along with the promotion of “health: further activities,†attracted more than 2,500 investors and innovators in the healthcare sector, all of whom are focused on driving digital transformation in healthcare.
In all respects, insurance companies are attacked by emerging technologies, whether in health care, life, non-life or other parts of the value chain. Committed to the high regulatory burden of US state-level management, barriers to customer exits and transitions are low, and the Zero-Capital Capital Strategy has won everything with the lowest cost and the least risk.
In addition to these trends, there is a convergence effect in terms of limited policy and coverage. The biggest traditional insurance buyers are increasingly indifferent to finance.
Therefore, it is more urgent to make changes.
With the support of the World Bank Group, it is important to identify financial and insurance-related funding gaps in achieving the UN Sustainable Development Goals (Sustainable Development Goals), and the role of insurance is directly linked to these issues.
In fact, if the world wants to alleviate the root causes of global instability, then insurance companies are particularly vulnerable to shocks and are subject to both risk and return in asset-liability management activities.
Ironically, for a more than 330 years of insurance industry, accepting cryptocurrency and blockchain business is not good for product innovation, market relevance and looking for competitive risk-adjusted returns. Sign. In 2017, there was a trillion-dollar asset class, but there was no centralized authority or insurance limit, which did not bode well for insurance adoption in emerging markets.
In order for insurance to return to its foundation as a catalyst for business and innovation, more insurance companies need to play a leading role in emerging and business models.
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