City A.M. - The insurance industry needs to embrace blockchain, starting now

City A.M recently published a thought provoking article suggesting that the insurance industry is about to be hit by a tsunami: blockchain technology.

"Blockchain and smart contracts could improve sector efficiency by up to 30 per cent, according to blockchain insurance industry initiative B3i. Blockchain will make the cost of reinsurance processes and claims cheaper."

The author, Bundeep Singh Rangar, comments that "We ignore the challenge at our peril: if incumbents don't step up, new entrants will."

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