Understandings about data and the risks of ownership are changing, thanks to the growing popularity of technologies like blockchain and the Internet of Things (IoT). While the insurance industry’s interest in data collection and privacy is piquing, with some organizations participating in partnerships focused on exploring blockchain’s use cases, such as the RiskBlock Alliance, there’s still plenty of room to realize the opportunities found in new technology focused on data.
“In the insurance industry, we’re just beginning to understand how a technology like blockchain could offer greater security protection for data,” said Robin Westcott, vice president of government affairs, legal and compliance of the American Association of Insurance Services (AAIS), and a moderator at the upcoming Emerging Risks & Innovation Summit in New York. “We are very siloed organizations inside of insurance – even inside of companies, there are siloes of data – which creates an environment [where] it’s very taxing and tolling on a company to understand and to secure their data, but to also understand who’s using their data.”
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