According to The Institutes President & CEO Pete Miller, disruption in the insurance industry “is all about data” and related technologies. Insurance is the “original big data industry”, and Mr. Miller sees a confluence of new technologies coming that will enable better decision making around data.

Mr. Miller sees adoption as a challenge to the insurance industry. Those that do not accept the new technologies coming will have issues. He points to the biggest companies in the world, such as Facebook, LinkedIn and Google, as data companies. He believes the industry has to work together on joint capabilities to avoid licensing fees.

The challenges also present new opportunities to the industry, including new product development and cost reduction, in order to serve customers better and achieve better returns.

The Institutes has created a blockchain consortium called the Risk Block Alliance, which is looking to leverage emerging blockchain technologies. Mr. Miller notes that Bitcoin is built on blockchain technology, but is separate from an insurance industry blockchain platform.  As a not-for-profit, The Institutes is helping  members of the consortium build a transformative technology in a blockchain. There are several applications already in production and being implemented, such as proof of insurance. Coming soon are applications for subrogation, first notice of loss and parametric insurance.

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