Bitcoin, the Blockchain, and Insurance Disruption
MONTRÉAL, QC, TORONTO, ON –– June 12, 2018
You have heard about Blockchain and Bitcoin, but maybe you’re not quite sure what all of this has to insurance disruption. Vertafore’s Ben Deda breaks it down in his article Bitcoin, the Blockchain, and Insurance Disruption
When you think about all the work and effort that has gone into broker and insurer connectivity, the concept of a common ledger duplicated and validated across a wide collection of individual databases, starts to become pretty attractive. And why do we think it will work for insurance? Because it’s already working for Bitcoin, a cryptocurrency (digital money). With Blockchain, the process of gathering information from your insured, validating that information, sending it to your underwriters, receiving back quotes, binding the business, issuing DECs, etc., changes significantly. All of these back and forth steps in the process can be eliminated. The process becomes “frictionless”, a term we will be hearing more and more, as the transaction doesn’t involve sending/receiving and translating data, but rather exposing data, and adding another block to the common chain.
To continue reading, click the following link: Bitcoin, the Blockchain, and Insurance Disruption
About Vertafore & Keal Technology
Vertafore’s comprehensive insurance management software solutions allow brokers and carriers to adapt to the evolving insurance industry by efficiently scaling their businesses through deeper access to information and insights. The Vertafore platform features fast innovation, partnerships with the best technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. For more information about Vertafore, visit www.vertafore.com, read the company’s blog, and follow the company on Twitter, LinkedIn, and Facebook.
Keal Technology is the expert in Canadian broker innovation and a leader in the BMS (Broker Management Systems) and CMS (Commercial Management Systems) marketplace for insurance and financial services brokers. Keal offers an integrated suite of products designed to increase revenue through efficient use of technology. In 2016, Vertafore acquired Keal Technology, a leading provider of broker and commercial management systems in Canada. For more information, visit www.keal.com and follow us on Twitter and LinkedIn.
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VP Sales, Marketing & Client Solutions
Vice President, Sales, Marketing and Client Solutions