PremFina CEO, Bundeep Singh Rangar, talks to The Telegraph about ICOs and how they can help improve the existing structures in place in the insurance industry, specifically surrounding claims.
Having now been featured in Insurance Times, City AM, and Insurance Business, – as well as hosting a fringe session at BIBA – PremFina is quickly asserting itself as a thought leader within the blockchain and insurance spaces.
Read an excerpt from the article below and how ICOs can change the future of the insurance industry for the better:
“Over the next two days, more than 7,000 insurance professionals, brokers and entrepreneurs will converge on Manchester for BIBA – one of the industry’s flagship conferences. For the first time, there will be an innovation zone – at which the incumbents can rub shoulders with the “insurtech” start-ups that, in some case, are trying to eat their lunch.
This is a really positive step, but it must be noted that the insurance industry is very late to the “innovation party” and, in particular, is late on blockchain, which could have transformative effects.
For several years now, banks and other financial institutions have been experimenting with the technology, having realised that, particularly for payments, digital currencies offer cheaper and faster solutions than existing systems.
Many insurance professionals know that blockchain can disrupt every single stage of the industry cycle – from new product offerings, to improved compliance checks and the digitisation of paperwork – but innovation is slow. Much of this tardiness stems from how reticent the industry is to experiment at all. Innovation to date, from the companies we term insurtech firms, has been concentrated on incremental improvements on the product side, with the fundamentals of insurance remaining largely the same. And that is because barriers to entry are very high.”
For the full article, please click here.