Caitlin Long on why insurers are adopting blockchain technology
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The Chairman and President of Symbiont gave a live demo at the Blockchain conference: How insurers are building up trust by breaking down barriers at the Swiss Re Centre for Global Dialogue.
Click here for more information about the event.
Read a text version of the interview here:
"I have run an insurance company. I have been a reinsurance intermediary and been on the boards of a number of insurance companies in the past, and so I know that this is a document intensive multi-party industry that is very conducive to the application of this technology. With many other industries, the big question becomes where do we start and what is the tactical approach that increases the likelihood that multiple parties come into these networks and start to glean the benefits.
The duplication of back office services in the insurance industry is very high. Ultimately if we can get to the point where the insurers are sharing the same information instead of having to maintain their own copies of information and reconcile against those copies, then I think the cost savings are material and the stars are aligning for that to start to happen in the industry. This just happens to be the spark that's lighting the fire for that.
Symbiont is using blockchain technology in a number of different ways. We're doing syndicated loans with 20 different banks and large financial institutions from all over the world. We're also using the technology to support the Delaware Blockchain Initiative. We're rolling out the beta test in Delaware, which is the Delaware Public Archives. That's in production and almost done. Then we'll move to other registries, including corporate registries next. We also of course are doing insurance, which is why we're here."