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CIO Applications Weekly Brief

Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Applications

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Editor's Pick (1 - 4 of 8)
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Driving Insurance Agent Productivity with Mobile and Big Data Solutions

Driving Insurance Agent Productivity with Mobile and Big Data...
Brad Bodell, SVP and CIO, CNO Financial Group, Inc.

Consumer Insight, Experimentation and Other Winning Strategies for the Insurance Disruption Game

Consumer Insight, Experimentation and Other Winning Strategies for...
Louise Billmeyer, VP & CIO, Principal Financial Group

Innovation challenges and the Insurance Broker

Innovation challenges and the Insurance Broker
JohnPetersen, CIO, Heffernan Insurance Brokers

How IT Transformation is Enabling Nationwide's Digitization

How IT Transformation is Enabling Nationwide's Digitization
Michael Carrel, SVP-IT & CIO, Enterprise Applications, Nationwide

Redefining the Future of IT in Insurance

Redefining the Future of IT in Insurance
Murali Natarajan, SVP & CIO, West Bend Mutual Insurance

InsurTech

InsurTech
Mary Kotch, Executive Vice President & CIO, Validus Reinsurance

A Practical Approach to Innovation

A Practical Approach to Innovation
Mark L. Berthiaume, EVP, Chief Information Officer & Chief Technology Innovation Officer, The Hanover Insurance Group

Building Towards Tomorrow: Driving Change in Insurance

Building Towards Tomorrow: Driving Change in Insurance
Mary Kotch, EVP & Global CIO, Validus Reinsurance

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Blockchain's Impact on the Insurance Industry

By CIO Applications| Thursday, March 14, 2019
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blockchainThe blockchain is transforming every industry of this world. With blockchain being introduced to the insurance industry, it has proved to provide a lot of essential variables and essential qualities like transparency, immutability, integrity, and security. The blockchain is the necessity to innovate the industry that has not seen much change in decades. Blockchain has changed how insurance is approached. It allows the clients to customize their policies to a point unheard off. As the world is faced with a variety of problems and threats, most of the industries are turning towards blockchain technology for solutions. This is where I-CHAIN, a glass cube product, steps in to do their work.

The I-CHAIN platform seeks to eliminate insurance crisis by setting up a conducive environment for optimizing sign-ups, launching insurance products, and mitigating business risks. The platform intends to provide transparent, fair, and affordable insurance to everybody. It will allow companies to cut cost and get access to new customers. It eliminates fraud and increases security. Blockchain equally facilitates person to person insurance as well as global reach. The technology ensures international data protection rules and regulations. Insurance companies will be able to develop and sell their insurance products on the platform by using the built-in functionality to save a large chunk of operating costs. Micro-businesses will be able to provide tailor-made services, such as a call center in a particular language or expertise in certain areas.

InsurTech Companies: ACD, edjuster, FAST, Imprezzio, InsurIQ, MFX, SE2, App Orchid.

The utility token, ICHN guides the I-CHAIN environment. While a fixed number of security tokens (ICHNS) are also incorporated into the platform’s functionality, an insurance ecosystem is created that offers decentralized dividends: a system that allows participants to take advantage of the platform’s income. The utility token’s value is expected to rise continuously as the platform develops and penetrates the market, acquiring popularity and widespread adoption. There will be no issuing of new security tokens as only a limited amount of ICHNS exists. A system using ICHNS was created for sharing the profits of I-CHAIN’s to users.

The tech alone must develop further. The public transaction, where everyone has access to all of the transactions on a ledger is not feasible due to security concerns.

Check out: Top InsurTech Companies

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How Blockchain Powers Insurance Processes

How Blockchain Powers Insurance Processes

How Document Management Solutions Enhance Insurance Services

How Document Management Solutions Enhance Insurance Services

How Technology is Impacting Underwriting in Insurance

How Technology is Impacting Underwriting in Insurance

How AI Adds Benefits to Health Insurance

How AI Adds Benefits to Health Insurance

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