target audience: TECH BUYER Publication date: Jun 2023 - Document type: IDC Perspective - Doc Document number: # AP50367623
Revolutionizing Insurance: The Power and Potential of Blockchain Technology in the Value Chain
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Abstract
The IDC Perspective on the prerequisites of blockchain adoption by insurers in the Asia/Pacific region provides valuable insights into the current state of the insurance industry and potential benefits of blockchain technology. This document emphasizes the need for insurers to evaluate the option of blockchain transformation as it can offer cost reduction, operational transparency, and improved customer centricity.
The recommendations here is to encourage insurers to consider the potential of blockchain technology to transform existing functions of the value chain because it can enable the secure and transparent sharing of information across multiple parties, which can lead to significant improvements in efficiency and cost savings.
This document also highlights the need for insurers to be customer-centric and meet client needs in every possible way because blockchain technology can enable insurers to offer more personalized products and services that meet the specific needs of individual customers. By using blockchain, insurers can also provide greater transparency to their customers, which can help to build trust and loyalty.
The objective of the study is to discuss the value of insurance in preventing financial loss, especially in today's rapidly evolving connected ecosystem. In the insurance sector, the Asia/Pacific region has shown a trend toward higher digital adoption, driven by middle-class wealth transformation, economic growth, and rising demand for digital products and services. Because of the social and cultural characteristics of the local landscape, life and health insurance products have a larger market share than property and casualty insurance. The market for auto insurance has grown significantly in the area as well. The region has seen a quick adoption of blockchain technology, which insurers are using to boost output, cut costs, and improve customer experiences. Smart contracts, cross-border insurance, peer-to-peer insurance, and digital identification proof are some of the advancements and applications of blockchain in the Asia/Pacific insurance sector. Regional regulatory policies support technological advancements in the industry and safeguard customer interests with fair practice codes. Overall, this document recognizes the need for blockchain transformation and emphasizes the urgency for insurers to evaluate this option. By adopting blockchain technology, insurers in the Asia/Pacific region can improve their competitiveness and provide more value to their customers.