How blockchain can help insurers innovate

Insurtech Story Podcast

Feb 21 2023 • 24 mins

Globally, around 60% of insurance executives have either already implemented blockchain technology or intend to do so throughout their business units. The level of immutability, trust, and transparency that blockchain (distributed ledger technology) offers is unmatched. Blockchain provides an independently verifiable dataset, preventing insurers and customers from making judgements based on incorrect or missing data. Blockchain-based solutions are used in travel insurance cases to verify whether a flight was missed or cancelled by using external data sources. In light of this, insurers are free to choose how to handle refund requests. By precisely identifying the cause of a car accident—human or mechanical—blockchain can manage even more complicated scenarios.

Points of discussion:

1. In today's world, it is necessary for businesses from various ecosystems to collaborate in order to offer goods and services if the world is going to expand into expanded ecosystems, which it will. With blockchain, how to do you see insurers innovating to make insurance for interesting and valuable to end users?

2. The two important factors in blockchain is trust and data, which is also true in case of insurance. Where do you see these connecting at its best to transform the ecosystem?

3. How is blockchain technology used in the insurance industry? And what are the important factors that an insurer must be wary of in building blockchain capability?

Speaker Bio: Marlene Dailey is the Insurance Consulting Director, at RSM US LLP and David Mamane, is the Financial Services Senior Analyst, at RSM Canada. At RSM, Marlene Dailey leads the national claims consulting practice, specializing in digital transformations and intelligent process reengineering for insurance and reinsurance clients. Prior to RSM, Marlene has successfully led multidisciplinary teams and provided program management in delivering wide-scale, end-to-end platform transformations and digital solutions, as the client and as the consultant. Additionally, Marlene is a thought leader in the industry and a published author of key pieces in industry journals. Besides, she is also a United States Air Force veteran and volunteer at Wounded Warrior and AACE events.

Our next guest, David Mamane is a key member of RSM Canada’s industry senior analysts and a partner in the firm’s consulting practice. He is well-versed in business and technology trends that shape middle market businesses in the insurance sector. As a strategic advisor to RSM’s clients, David leverages his background in actuarial science, data analytics and business strategy to provide guidance and clarity. David is regularly invited to speak at key leadership conferences on insurance strategic decision-making, capital management and leadership development.

Additionally, David is an active member of actuarial committees, an industry eminent and a frequent panelist at industry conferences. His accolades include being a recent nominee for the Casualty Actuarial Society board of directors.