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With Blockchain Insurers Opt For ‘Coopetition’

Forbes May 23, 2018

At the Blockchain for Insurance summit in London, a gathering of major insurance players, technologists and thought leaders promoting digital transformation using blockchain, a clear pattern is emerging. While the $5.5 trillion global insurance industry is an otherwise fiercely competitive market, when it comes to the adoption of blockchain or distributed ledger technologies, industry titans, such as Swiss Re, Zurich, Aegon and others, are opting for “coopetition” and a shared services approach, rather than embracing opportunities for internally-driven disruptive innovation. This consortia approach, under the banner of initiatives like Swiss-based B3i, R3 and the RiskBlock Alliance, a non-profit initiative of the insurance education and certification body The Institutes, are the de facto blockchain “skunk works” for many major players in the insurance market.

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