Report highlights savings from blockchain ‘smart contracts’
The adoption of blockchain technology by insurers could result in savings for both the industry and consumers.
A report from Capgemini reveals that blockchain ‘smart contracts’ will speed up the claims process across health, auto, home and travel insurance and cut the number of forms and interactions required.
Bringing all parties of an insurance claim onto a single platform will simplify processes and the report estimates that in the auto insurance sector alone there will be a global saving for insurers of around $21 billion per year. It calculates that insurers could opt to cut premiums by an annual $45 per year.
"Now is the time to start experimenting with smart contracts in a sandbox environment,” urged Philippe Denis, Head of CIB Blockchain Initiatives at BNP Paribas. “By 2017, we will begin to see early-stage contracts enabling practical use-cases and also a connection to legacy platforms. By 2019 we might even begin to see consumer adoption ramping up.”
Aon to acquire risk management firm
Aon Risk Solutions, part of Aon plc, has reached agreement to acquire global risk firm Stroz Friedberg Inc. for an undisclosed sum.
The New York City-based firm has offices across the US along with London,
Zurich, Dubai and Hong Kong. Its acquisition will enhance Aon’s capabilities especially from Stroz Friedberg's cyber security governance and advisory services.
Stroz Friedberg's more than 550 employees will join Aon's Cyber Solutions Group. Michael Patsalos-Fox, Stroz Friedberg's CEO, will become the CEO and co-chair of Aon's Cyber Solutions Group. John Bruno, Aon's executive vice president of enterprise innovation and chief information officer, will join Patsalos-Fox as co-chair of this new group.
Canadian weather warning issued by IBC
The Insurance Bureau of Canada has warned that Wednesday night is expected to bring strong winds and heavy rain to the south coastal area of British Columbia.
"Storms such as this can have a huge impact on families and communities," said Bill Adams, Vice-President, Western and Pacific, IBC. "That's why we want to help make sure that British Columbians are prepared for when bad weather strikes.
Environment Canada has issued a special weather statement for much of the region and rainfalls upwards of 200mm are forecasted.
