Blockchain has the potential to foster tremendous change for the insurance industry, especially bring efficiencies and cost savings to existing processes. Here, we explore some of the improvements it could bring to the industry along with machine-learning, artificial intelligence and smart contracts.

In the last several years, we have seen a new crop of digital products and services enter the lexicon of the insurance industry. And with these, inevitably comes a myriad array of insurance regulatory issues. Usage-based insurance, peer-to-peer insurance, machine-learning algorithms, robo-advisory insurance processes, blockchain-based insurance, and the Internet of Things present many challenges. Insurtech has permeated virtually every aspect of the insurance industry.

Regulators, technology providers and insurance companies are frequently grappling with questions like:

Blockchain

Smart contracts