Technology, the inveterate disruptor, is at it again. Granted, it’s always kicking up dust. But every now and then it coughs up something major, sending a shiver down the industry’s spine. So it is with blockchain, a distributed database.
Insurers are turning to big data analytics to strike a difference in the highly commoditized insurance market and improve risk management in the context of growing regulations. This move is helping the industry reap rich benefits across the value chain. In this white paper we examine some of the emerging practices in the Property and Casualty insurance sector particularly in relation to product pricing, underwriting, claims handling, customer relationship management, and reinsurance.