Blockchain Technology and Insurance Business

Olusegun Omosehin, the managing director of Mutual Benefits Assurance Plc said the world is going through internet revolution. This development along with Blockchain technology and Big Data and Internet of Things (IoT) are going to disrupt insurance business, if insurers are not prepared for it.
He described IoT as objects, a network of vehicles, machines, home appliances and other items that use sensors and APIs to connect and exchange data over the Internet, saying insurers will need to tailor their offers and services to the real needs of their customers.
This action would make a radical changes in their core processes for many users, such as a new product development. The new digital program needs to break silos between branches and functions.
Under Omosehin’s view, it appears that insurers have to identify signup suitable partners to develop more ecosystem offerings and Infirmation Technology systems for working at a different level. He also mentioned that consumer data must be accessible while operations need to happen in real time.
“Like the democratic revolution that preceded it, the internet revolution is a time for dramatic changes in our cultural and business assumptions. As professional insurers, we must be prepared to reinvent ourselves before others disrupt us. Blockchain in combination with Big Data and Internet of Things will change the insurance world” Omosehin said.
“We need to enable efficiency and flexibility in the business of insurance; the internet revolution has made this possible. Be aware that we do not have borders, or boundaries anymore, the whole world is going to open as your population. As the newest and the finest of our professionals, the Internet revolution has opened the doors of innovation and placed it at your feet”, he said.