CIOApplications
static-image
  • Home
  • Applications
      • Bioinformatics
      • Business Continuity
      • Business Intelligence
      • Chatbot
      • Collaboration
      • Custom Software Development
      • CRM
      • Enterprise Reporting Software
      • GRC
      • Human Resource
      • Indoor Positioning
      • InsurTech
      • Intellectual Property
      • IT Operations Management
      • IT Service Management
      • Low Code Platform
      • Maintenance Management
      • Managed IT Services
      • MarTech
      • Master Data Management
      • Mobile Application
      • Order Management
      • Parking Management
      • Procurement Tech
      • Publishing Software
      • Remote Monitoring
      • RFID
      • Sales Tech
      • SAS
      • Software Testing
      • Task Management
      • Unified Communications
      • Workflow
      • Workplace Management
  • Verticals
      • BioTechnology
      • Construction
      • Contact Center
      • Education
      • Fintech
      • Food and Beverages
      • Government
      • Healthcare
      • Legal
      • Logistics
      • Manufacturing
      • Travel and Hospitality
      • Utilities
  • Technologies
      • Agile
      • API
      • Artificial Intelligence
      • Blockchain
      • CAD/CAM
      • Cloud
      • Cyber Security
      • Data Analytics
      • Data Center
      • Digital Transformation
      • Graphics
      • IoT
      • Machine Learning
      • Machine Vision and Imaging
      • Predictive Analytics
      • Robotic Process Automation
      • Simulation
      • Smart Labelling
  • Eco System
      • Adobe
      • Amazon
      • Esri
      • Google
      • IBM
      • Infor
      • Kubernetes Partner
      • NetSuite
      • Oracle
      • PTC Partners
      • Qlik Partner
      • Salesforce
      • ServiceNow
      • SiteCore
      • VMware
  • Vendors
  • News
  • Newsletter
  • Whitepaper
  • conferences
  • About Us
  • Specials

  • Menu
      • Business Continuity
      • Chatbot
      • Cloud
      • Collaboration
      • Contact Center
      • Esri
      • Human Resource
      • InsurTech
      • IT Service Management
      • Machine Learning
      • Manufacturing
      • Master Data Management
      • Procurement Tech
      • Robotic Process Automation
      • Salesforce
      • ServiceNow
      • Simulation
      • Software Testing
  • Contact Center
  • Collaboration
  • Chatbot
  • Esri
  • Simulation
  • InsurTech
  • Human Resource
Specials
  • Specials

  • Business Continuity
  • Chatbot
  • Cloud
  • Collaboration
  • Contact Center
  • Esri
  • Human Resource
  • InsurTech
  • IT Service Management
  • Machine Learning
  • Manufacturing
  • Master Data Management
  • Procurement Tech
  • Robotic Process Automation
  • Salesforce
  • ServiceNow
  • Simulation
  • Software Testing
×
#

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

Subscribe

loading
  • Home
  • Blockchain
Editor's Pick (1 - 4 of 8)
left
A Closer Look at Block Chain Technology

A Closer Look at Block Chain Technology
John Shea, CIO, Eaton Vance

Don't Start With Blockchain

Don't Start With Blockchain
Eric Redmond, Director of Global Technology Innovation, Nike [NYSE: NKE]

Blockchain: the path forward

Blockchain: the path forward
Kyle Culver, Director, Emerging Technologies, Humana [Nyse: Hum]

Blockchain to Revolutionize the Financial Industry

Blockchain to Revolutionize the Financial Industry
Safwan Zaheer, Director, Financial Services Digital & Head of FinTech, KPMG US

Riding the Blockchain Wave: Challenges and Opportunities

Riding the Blockchain Wave: Challenges and Opportunities
Eric Piscini, Principal Global Blockchain Leader, Deloitte

Blockchain Community Leader, I am part of the Innovation & Digital Transformation team that runs innovation initiative for CACIB

Blockchain Community Leader, I am part of the Innovation & Digital...
Xavier Laurent, Blockchain Community Leader for Credit Agricole CIB

Blockchain: The Paradox

Blockchain: The Paradox
Sean Khozin, MD, MPH, Associate Director, FDA

Blockchain, the real benefit behind the technology

Blockchain, the real benefit behind the technology
Rebecca Hofmann, Manager of Innovation, Equinor Chairman, OOC Blockchain Consortium

right

Thank you for Subscribing to CIO Applications Weekly Brief

Why is Reinsurance Industry Interested in Blockchain?

By CIO Applications| Tuesday, March 10, 2020
Tweet

The enhancements in transparency due to blockchain can significantly benefit the reinsurance sector in its long run.

FREMONT, CA: Insurance and reinsurance companies are increasingly focusing on enhancing operational efficiency to increase profitability in today’s market, and they believe that multiple distributed ledger technology or blockchain technology can greatly help in this. Blockchain technology has the potential of reducing administrative workload, eliminating frictional costs, eliminating inconsistency, and enhancing audit-ability. In other words, leveraging blockchain technology may make insurance and reinsurance transactions faster, convenient, and secure. Here is more to it.

Offsetting the Expenses  Blockchain can initiate automation in reinsurance. Reinsurers can leverage smart contracts and replace much of the paperwork involved in reinsurance processes with the help of blockchain. According to a report, blockchain can eliminate 15 to 20 percent of the expenses of the reinsurers. The automated data processing will reduce fraud, thereby offsetting the expenses of the reinsurers.

Complete Transparency  Reinsurers choose a consortium blockchain that will allow them to manage information using a set of permissions. Further, reinsurers can ensure that legitimate stakeholders could gain complete transparency over the executions of transactions and smart contracts.

Security  The structure of blockchain makes it immutable, thereby ensuring that data stored on the blockchain can’t be altered or manipulated. Thus, blockchain offers high security for reinsurance. Thus, a blockchain-powered system will reduce fraud internally and externally among reinsurance firms.

Blockchain technology is just the latest technology used by the reinsurance industry to innovate its way of doing business. The disruptive nature of blockchain has the ability to radically change the way insurance and reinsurance are used in the future.

See Also: Top Blockchain Technology Companies In APAC

Weekly Brief

loading
ON THE DECK

Top Vendors

Field Service 2021

Top Vendors

Previous Next
Tweets by CIOApplications

Read Also

EPAM to Acquire PolSource to Scale its Salesforce Capabilities and Expand into New Markets

EPAM to Acquire PolSource to Scale its Salesforce Capabilities and Expand into New Markets

Destaco Launches TC1 Manual Tool Changer for Cobots

Destaco Launches TC1 Manual Tool Changer for Cobots

Four Business Challenges in Procurement

Four Business Challenges in Procurement

Five Trends Set to Transform the Contact Center

Five Trends Set to Transform the Contact Center

How the Weaponization of Artificial intelligence (AI) can Impact the Future of Humanity

How the Weaponization of Artificial intelligence (AI) can Impact the Future of Humanity

AiFi Announces Partnership with Wundermart to Launch Autonomous Convenience Stores

AiFi Announces Partnership with Wundermart to Launch Autonomous Convenience Stores

Loading...

I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

Copyright © 2021 CIOApplications. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy |  Sitemap  |  Subscribe |  About Us

follow on linkedin follow on twitter follow on rss
This content is copyright protected close

However, if you would like to share the information in this article, you may use the link below:

https://www.cioapplications.com/news/why-is-reinsurance-industry-interested-in-blockchain-nid-5799.html