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Asteroids are theorized to be the cause of pivotal events in the Earth’s history - from the formation of the Moon to the mass extinction of dinosaurs. Technology has certainly had an impact on the insurance business, but not the transformational impact of an asteroid strike. Is that about to change? Are there new technologies just beyond the horizon that will cause a mass extinction of the current players in today’s insurance market structure?
Blockchain is one emerging technology that could have an asteroid-like impact on our business. Best known as the technology behind Bitcoin, Blockchain provides the infrastructure to establish decentralized, peer-to-peer contracts without the need for a centralized trust authority - like an insurance carrier. Sound frightening? It should also sound familiar. From Chinese and Phoenician traders to Lloyd’s Coffeehouse to early mutual insurance and fire mark society’s, insurance was a peer-to-peer business for most of its history. If insurance is the DNA of capitalism, is today’s market structure really the peak of evolution? Or will Blockchain technology reveal it to be a mutation that can’t adapt to a dramatic change in the environment? Come the this session to join the discussion.