Distributed ledger space is a huge talking point for insurance – smart contracts, security, cost reduction, trust – it all points to a move on to this tech. BUT blockchains come with limitations by design . In today's world SPEED is king and the slowness of blockchain is huge barrier. Even in the slow paced world of insurance its too slow really - how many applications are there that run on a database that can just do 5 transactions per second? None, I think. Hence blockchains have been all talk, to-date. Is there an alternative? Swirlds anyone?
Why should the insurance industry care about innovation? Their products are about claims, how can you stop those with innovation? they are part of the product, right? Well no, typically the insurance industry, as all businesses, cares about all its costs, the complete business model. Claims are part of these costs - in some cases the smaller part of the complete costs! Innovation should be focused on all areas of their business model.
The Atlantic coast hurricane season lasts from June through November, with the likelihood of storms peaking from August to October. The East Coast and Gulf Coast are most at risk, though damage from wind and rain can extend well inland. Make sure you read your insurance policy carefully to learn what it does and does not cover, and contact your local agent with questions or to discuss your insurance needs. This is really important.
Here at Microinsurance we continue to explore blockchain, the world of “a smart contracts”. It is our current belief that ‘smart contracts’ will be the core insurance uses-case for blockchain. The use of these contracts are now linked to the rise of blockchain and a change in technology and process that is still very young.
Posted in Cyber Insurance blog on Feb 07, 2019
The data breaches range from minor breaches, such as errant emails sent to the wrong recipient, to major cyber hacks affecting millions of individuals and making front page headlines. This is the GDPR data breached survey.
We prefer a wider more inclusive definition of Micro Insurance, one that allows products to be developed, sold globally, works in the new sharing economy and includes solutions for many of the issues surrounding selling, distributing and managing micro insurance policies and schemes. Products that cover all populations based on their specific needs.
Hurricanes, over the last 150 years, have increased in both number and intensity. Compare, over similar periods, other graphs and studies on sea water temperatures and average land temperatures, all show the same up-tick and acceleration. It could be time to be prepared and protect your assets with appropriate insurance cover.
Pringles tube to Drone, is this a good measure of security progress?
Posted in Cyber Insurance blog on Jan 31, 2019
Every report, survey or set of statistics on cyber events tell us that all businesses are exposed, whether big or small, so says Andrew Taylor Cyber Underwriting Manager at Chubb. Another survey underlines this point.
Posted in Cyber Insurance blog on Jan 16, 2019
People will tell you that its no point securing your data against a data breach as all your data is out there; already sold multiple times; We seem to post the craziest details all over Facebook, so why secure your data now? Why stop sharing everything?