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New VUE Software Study On Blockchain Probes Uses For Insurance

Today VUE Software releases its deep-dive study into the applications and outlook for Blockchain in the insurance industry. VUE Software commissioned an independent team of top MBA students to undertake the study who aimed to investigate the status of the technology in the industry. The resulting report, titled The Adoption of Blockchain: Technology and the Future of Insurance, looks at how distributed ledger technology is currently being used and how it stands to impact every sector of insurance, the market for blockchain, as well as how insurance should be thinking about it. 

VUE Software President and CEO Stephen Bruno commented: “Blockchain and distributed ledger systems have the potential to play a key role in the transformation of the insurance industry—but in most circles little is known about them. The results of this study leave us far better informed than we expected, and provide a robust and optimistic picture of the future of the industry as it embraces these important technologies.”

The Adoption of Blockchain: Technology and the Future of Insurance qualifies and quantifies the technology’s impact on processes within various insurance verticals, including:

  • Property & Casualty—risk assessment and claims processing
  • Health Insurance—consolidating medical records and keeping them up to date
  • Life Insurance—streamlining death claims and registration
  • Reinsurance and the crossover to global insurance 

“Using distributed ledger technologies could reduce risk across many areas of insurance,” said John Sarich, Vice President of Strategy at VUE Software. “From human error all the way to fraud, Blockchain stands to help insurance companies gain efficiency, speed, transparency, and—most important to their customers—trust. To cite one example, too many people have had the experience, for themselves or a loved one, of having to argue or advocate because the medical practitioner didn’t have all (or the latest) information on their case. Keeping proprietary records in Blockchain would greatly reduce the risk of malpractice due to lack of information, or information that hasn’t been updated. Gains in other sectors could be equally significant.”

The study also outlines current market activity for Blockchain, dissecting its “smartest” uses and near-term outlook. Adds CEO Bruno: “Those interested in the investment prospects for Blockchain will gain insight into the practicalities versus the hype of using the system for various applications. We expect to see more new and innovative functions and roles for distributed ledger systems emerging all the time.”

About the Study 

A team of six MBA students from NYU Stern School of Business and Harvard Business School conducted independent research to identify and validate the uses of Blockchain for Insurance. They compiled their findings based on available reseach and interviews with executives to determine the present status and near-term outlook for Blockchain in the industry.

 


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