Blockchain, Its Insurance Applications And Their Role In Building Resilience

The global COVID-19 pandemic has caused tremendous damage, claiming millions of lives while wreaking havoc on the global economy.

While companies have adopted more technology solutions to combat business disruptions, their overall financial resilience remains particularly vulnerable.

Companies are not alone in their predicament; the average household faces economic headwinds in the wake of the pandemic. The World Bank estimates as many as 150 million people will be pushed into extreme poverty by 2021 as a result of COVID-19 and its economic impact.

With a third of adults around the globe remaining unbanked and a growing protection gap, (which is the portion of economic losses not covered by insurance), building financial resilience into our global economy is more critical than ever.

Breaking the cycle of generational poverty for large segments of the world’s population requires greater access to advanced financial instruments, such as insurance.