Some of the biggest problems in the modern insurance industry are that not only is there is a huge lack of transparency, but insurance agents spend most of their time selling insurance to their clients based on price rather than coverage. Insure Ecosystem plans to change this with the use of blockchain.
This will provide immutable transparency at all levels of the insurance industry, and allow agents to provide insurance options based on the needs of their clients instead of simply on price. Currently, there are over 3000 insurance agents on the platform, from health and life insurance to homeowners and car insurance. Because their software is end-to-end, it can be used by both insurance agents as well as individuals who are shopping for insurance coverage.
Insure Ecosystem uses a mix of public and private ledgers, due to the sensitive nature of some of the data necessary to provide coverage options, which also helps it appeal to established insurance industry professionals who are hesitant to make the switch to blockchain. Derek also discusses what he sees as the current state of the insurance industry, as well as the industry’s future. Insure Ecosystem will be present at the Blockchain, Ethereum, and Bitcoin Superconference in Dallas, Texas February 16-18.
Insurance Technology and Blockchain – You’re doing it wrong.
InsurTech has been the jewel of investor’s eyes getting a record number of investments in Q3 2017. Most of these investments are aimed at disrupting the supply chain and taking carriers direct to the consumer. Learn how this is only reshuffling the deck and not disrupting it, and see where the real disruption opportunities exist.
For more information, visit www.insureco.io.