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Is Blockchain the missing piece of the puzzle that will turn the tide in favour of the insurance landscape? InsurTech Integrated to decode why!

March 2017
Spotlight

One-day stream to launch discussions stressing onthe massive potential Blockchain harbours to drive enhanced customer engagement, .
 
Dubai, UAE – 07 March 2017: Theinaugural edition of InsurTech Integrated, convened by leading financialintelligence platform, Middle East Global Advisors, will gravitate around thetheme of “Harnessing Disruptive Technologies to Thrive in a Digital Era”.

Inthe wake of immense digitization, insurers are no strangers to disruption. Eventoday, the effect of Catastrophe bonds on the reinsurance market is felt tohave unexpected consequences on direct insurers. Constant innovation ofbusiness strategies has become vital in order to thrive and maintain a uniquecompetitive edge.

Aconstantly growing and chronological digital ledger of all bitcoin transactionsthat have ever occurred, Blockchain has been known to be used extensively inthe banking industry. Arguably called the greatest revolution since the dawn ofthe internet, it is vital to recognize the massive potential blockchainharbours in turning the tide in favour of the insurance landscape.

Blockchain builds on a set of fourcharacteristics: decentralized validation, immutable storage, redundancy andencryption. Three prime avenues where effective implementation of blockchaincan reap rewards for insurers include: increasing effectiveness in fraud detectionand pricing, innovating insurance products & services and reducingadministrative cost. Interestingly, as of 2014-15, investments inblockchain-related start-ups across industries had escalated to more than USD800 million. (Mckinsey & Co., 2016)

Despitethe fact that blockchain stands poised for exploration by insurers, unlockingits massive potential and harnessing it fully to drive efficiency is still along way off. The core value of blockchain that is essentially extremelydecentralized in nature, can only be realised basis extensive collaborationwith relevant parties like competitors, suppliers, etc. This gives rise to ahost of technological, market and regulatory obstacles.  Another major challenge that blockchain facesis the fact that it is a substantial investment with a presumable five-yearrealization timeline, making it logical to opt for alternative solutions thatbring faster returns in areas that do not heavily depend on blockchain.

While blockchain may not bring immediatereturns today, it is slated to underpin the sector’s growth in the future. Inlight of the growing disruption in the insurance sector, InsurTech Integratedwill pioneer discussions focused on how effective implementation of blockchaincould be of strategic interest to insurers. Leading experts comprising Max DiGregorio, Partner, Digital & Technology Consulting Lead FS, PwC MiddleEast; Saqr Ereiqat, BlockChain Evangelist & Management Consultant and CecilO’Brien Owens, Chairman & CEO, Total Technologies and Solutions FZ-LLC(‘TTS’) will discuss the key issues at hand extensively whilst offeringvaluable insights highlighting the opportunities and threats that come alongwith the technology.

InsurTechIntegrated will take place on 12th of April at the Dusit Thani Hotel, Dubai.

Thestream aims to highlight the importance of developing digital proficiencyamongst insurance operators in the light of stiff competition by spearheading aseries of insight-generating discussions.

Tofind out more about InsurTech Integrated, visit http://insurtech-integrated.meglobaladvisors.com/

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