Blockchain Technology and Insurance Business

Olusegun Omosehin, the managing director of Mutual Benefits Assurance Plc said the world is going through internet revolution. This development along with Blockchain technology and Big Data and Internet of Things (IoT) are going to disrupt insurance business, if insurers are not prepared for it.

He described IoT as objects, a network  of vehicles, machines, home appliances  and other items that use sensors and APIs  to  connect  and exchange  data  over  the Internet, saying insurers will need to tailor their offers and services to the real needs of their customers.

This action would make a radical changes in their core processes for many users, such as a new product development. The new digital program needs to break silos between branches and functions.

 

Under Omosehin’s view, it appears that insurers have to identify signup suitable partners to develop more ecosystem offerings  and Infirmation Technology systems for working at a different level. He also mentioned that consumer data must be  accessible while operations need to happen in real time.

“Like the democratic  revolution that preceded  it, the internet  revolution is a time for dramatic changes in our cultural and  business assumptions. As professional  insurers, we  must be prepared  to reinvent  ourselves before  others disrupt  us. Blockchain in combination  with Big Data and Internet of Things will  change  the  insurance world”  Omosehin said.

“We  need to  enable efficiency  and  flexibility  in the  business  of  insurance;  the internet  revolution has made this possible. Be  aware  that we  do  not have borders, or  boundaries  anymore,  the whole  world  is  going  to open  as  your population. As the newest and  the finest  of  our professionals,  the Internet revolution has opened  the doors  of innovation  and  placed it at  your  feet”, he said.