MetLife to shake up life insurance industry with Ethereum blockchain adoption

Life insurance industry - Ethereum Blockchain

The insurer is using the live tech to enhance efficiency and transparency throughout the claims process. MetLife is adopting the use of Ethereum blockchain in a move that will disrupt the $2.7 trillion life insurance industry. Among the goals is to help beneficiaries to know they are entitled to a payout when their family member or friend has died. At the moment, the industry is essentially opaque to both policyholders and beneficiaries. This situation is advantageous to neither the life insurance industry nor its customers. MetLife is hoping to change…

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Two Lloyd’s of London automated exchanges to launch for cheaper, faster insurance

Lloyd’s of London Automated Exchanges - Lloyd's building in London

The highly traditional insurance market has planned to use technology to improve efficiency. Two Lloyd’s of London automated exchanges are slated to launch in order to make it possible for the traditional market to conduct business more quickly and inexpensively. Lloyd’s is a massive market but is known for conducting its business in a highly traditional way. There are currently 99 syndicate members to Lloyd’s, comprising both British and international insurance companies. That said, the majority of the company’s business is conducted in-person. This has caused it to experience two…

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New crypto insurance products find area of need amid regulator uncertainty

Crypto insurance - Blockchain - Cryptocurrency - Bitcoin

Coverage against rising cryptocurrency theft is needed, but regulators aren’t certain how to manage it. A rising crypto insurance industry has insurers moving quickly to create models and products to offer. At the same time, regulators are left uncertain as to how to handle this very new form of coverage. In 2018, hackers stole $1.7 billion in cryptocurrency in a quickly increasing digital coin theft trend. Cryptocurrency thieves are becoming increasingly successful. With the massive theft rate, the technology is facing considerable harm to its reputation and further barriers to…

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iCracked to join SquareTrade following Allstate acquisition

iCracked - Partnership - Aquisition - Handshake

Allstate Corporation has purchased the on-site, on-demand smartphone and tablet repair service provider. Allstate Corporation, the nationwide insurance company, has announced its acquisition of iCracked. That firm is a provider of on-demand, on-site smartphone and tablet repair services across North America. Allstate will be joining iCracked with SquareTrade, the insurer’s company offering related products. iCracked, a San Francisco-based firm, will join SquareTrade . That company belongs to Allstate and is a provider of tech support and consumer protection plans. iCracked currently operates in both the United States and Canada across…

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AI technology can do wonders for the insurance industry – Should you be terrified?

AI Technology - Brain Think - Artificial Intelligence

Artificial intelligence tech is already being used for many purposes, but there are issues to consider. AI technology has been a central tech focus for the insurance industry for several years. The advantages it promises both currently and as we move into the future. However, these advantages aren’t without their drawbacks. Security and adoption remain considerable concerns, said a panel of experts at an I.I.I. event. At the recent Insurance Information Institute (I.I.I.) Joint Industry Forum which took place in New York, a panel of tech and insurance industry executives…

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Dark Overlord may prove to be the insurance industry’s biggest threat

Dark Overlord - Insurance Industy - Cyber attack

Cyber threats pose a nearly immeasurable risk to an industry based on stored private information. Dark Overlord is the name of an individual or group behind what may be a massive cyberattack on insurance companies. Dark Overlord claims to have stolen files connected with the insurance filings made as a result of the terror attacks of September 11, 2001. If this is the case, Dark Overlord may have achieved the largest ever hack into the insurance industry. According to a Forbes report, Dark Overlord is seeking Bitcoin payments in exchange…

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Manulife insurance company changes run deep as the firm attempts simplification

Insurance company changes - Manulife Evenelope

The insurer’s customers find dealing with the company to be complicated, so it is seeking improved tech. Insurance company changes are coming to industry giant, Manulife. They may have started with a change of signage but will go far deeper into the organization than that. The purpose of the changes is to use technology to greatly simplify the issue of complexity for customers. While there will be insurance company changes, Manulife has stated that the alterations will be applied throughout the corporation. Manulife Financial Corp. recently revealed the results of…

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