As blockchain technology matures and more players in the insurance industry integrate it into their operations, many are wondering what kind of return companies are seeing on their blockchain investments.
‘That’s a very difficult question, because I actually don’t think the insurance industry broadly is using much blockchain,’ said Siddhartha Jha, founder, chairman and CEO of Arbol Inc., a global climate risk coverage platform and FinTech company. ‘They’re still at a very early POC stage in many cases.’
David Edwards, founder and CEO at ChainThat, a London-based insurance technology provider, has a similar take.
‘For individual insurers and participants, there’s no benefits, in terms of the ROI for blockchain,’ Edwards said. ‘It must be done as a group, as a kind of a consortium, to get it going. And the only way really to get that going is to get them all to work together. That’s the biggest challenge that we’re still seeing in the insurance industry.’