The COVID-19 pandemic accelerated a digital surge for the insurance industry, as companies scramble for new ways to respond to the need for remote interactions with customers, employees, and partners. Now, the race is on to capitalize on that transformation and turn it into strategic advantage with the application of emerging technologies, such as distributed ledger technology (DLT).
The recent surge of interest in cryptocurrency by all sectors of the economy both lays to rest the thought that this technology is a fad and sharpens the focus on the promise of the technical infrastructure – distributed ledge technology (DLT) – to transform business. DLT allows for multiple parties with consent to access distributed data to participate in secure transactions.
Imagine a purpose-built network with advanced privacy controls that allows you to control and customize what is shared among “permissioned” (known) network participants. Insurance, which relies on being able to securely collect, analyze, then deploy huge amounts of data and reliably manage a high volume of secure transactions, can leverage the confidence engendered by controlled data sharing.
This paper explores some key trends and opportunities ripe for innovation from DLT and demonstrates how Capco can help with your move to modernized, secure, and cost-effective transaction -processing.