The Benefits Of Blockchain For Captive Insurers

The insurtech revolution has worked its way into the captive insurance sector, but as with any emerging technology, every opportunity is not without some challenge, as Gavin Woods, counsel, and Josephine Noddings, associate, at Appleby's Bermuda office explain.

There is no getting away from it: the insurtech revolution has arrived and, with insurers spending more time and increased resources to create and trial prototype technology, it looks as though the development and use of financial technology in the insurance sector is here to stay.

One of the main reasons for the insurance industry's focus on insurtech is the development and viability of technology that, it is hoped, will facilitate increased efficiencies in the insurance process—specifically, distributed ledger technology: blockchain.