Enterprise processes, to be changed by Blockchain technologies

6 October 2016 — Alexandru CIUNCAN
conf_istanbul_iiic_6oct2016_1Blockchain technology will allow for a change of enterprise processes - from manual ones to digital, according to the Assistance Vice President of PCS, Tom JOHANSMEYER, who spoke during the 8th edition of the International Istanbul Insurance Conference. Commercial insurers still suffer from the fact that paper-based workflow logic underlies automation. 

"Bitcoin [the virtual currency] is currently the best known application of Blockchain technology but fintech / insuretech are catching on as well", the PCS official stated. One potential application is the usage of the so-called smart contract, that take existing terms and conditions of insurance contracts and turn them into logic - thus allowing for operational efficiency, lower dispute risk and more transparency. 

Currently, worldwide there are several insurance pilot-companies involving Blockchain technology in progress. 

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