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.
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.
Pringles tube to Drone, is this a good measure of security progress?
Posted in InsurTech blog on Sep 21, 2018
Consolidation; Ageing workforce; Slowing growth; Disruptive tech; Prospects from over-regulation, Speed of technological change, Changing customer behaviour; Competition from new market entrants. The list can go on and on. To pick just 3 key points for challenges, where to start? Because if you look at that list above its EVERYTHING - the whole landscape is changing and needs to change. This is the challenge - everything!
Posted in InsurTech blog on Aug 12, 2018
Artificial Intelligence, AI, for insurance, or as we call it Augmented Insurance, is here. AI tech is growing, augmenting companies and process in all areas. The insurance industry is one based on data yet has not kept up with tech investment. This makes it open for AI.
Posted in InsurTech blog on Apr 07, 2018
This is an indepth look at AI and the opportunites it offers for the new work place. People worry about the impact of AI, however we need to adapt and change. Life is full of opportunities.
Posted in InsurTech blog on Apr 06, 2018
The new InsurTech / FinTech start-ups are focused on ‘customer experience’. This is defined by cutting down questions to a minimum, using ‘social’ data to fill in the blanks to give a quote for insurance or a loan. These companies use customers social media, third party apps and other accounts to gain information to provide quotes and service with minimum input from the user.
Posted in InsurTech blog on Jan 05, 2018
To BLOCKCHAIN or NOT to BLOCKCHAIN. This article is not raving about what Blockchain is and how it could potentially disrupt the world as we know it, rather it is about the reason we as a company (microinsurance), have made the decision to use blockchain and why we see it as important for our customers.
Posted in InsurTech blog on Dec 16, 2017
We hear every day of Artificial Intelligence (AI) cases that are or about to revolutionise this business or that. Using algorithms over teams of 'experts', huge saving in time and effort along with improvements in accuracy can be achieved. Does this mean 1000’s of people will be out of a job? That AI will take all our jobs? Possibly. Or is there a different view?