PremFina’s Strategic Marketing Associate, Natalia Zurowski, speaks to Insurance Business UK’s Lucy Hook about blockchain, the misconceptions surrounding the topic and how both brokers and insurers should learn to embrace the technology as part of a positive change for the industry:
The introduction of blockchain in insurance could turn the “legacy-led industry” on its head – if it can just get past its initial fears, says a UK premium finance firm.
While many are wary of the technology, blockchain could improve efficiency and is unlikely to edge anyone out of a job in the process, according to PremFina.
“At present, the majority of the discourse around blockchain in insurance is surrounding its security and its assumed ability to put members of the insurance community out of work,” Natalia Zurowski, PremFina told Insurance Business.
“This has created an understandable air of fear amongst those in the industry, specifically at the top of their respective sectors: leading brokers, insurers, and underwriters. The fear stemming from what they perceive would be a loss of control, resulting from the ‘decentralised’ nature of blockchain, and the fear of being replaced by the technology.”
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Images courtesy Insurance Business uk