Decrypting Insurance Broking through Blockchain

The evolution from seller to risk manager hasn’t been easy for most brokers. Technologies such as robotic process automation (RPA) and artificial intelligence (AI) solutions have helped ease the transition; however, the way brokers manage large and complex deals hasn’t kept pace with the rapid scale of digital business transformation. Complex wholesale broking deals are still managed on SharePoint servers and Excel spreadsheets, making them difficult to trace during policy renewals and susceptible to being buried under the voluminous paperwork that brokers contend with.

This whitepaper breaks down the end-to-end broking business process into smaller parts. We then showcase how each step in a complex wholesale broking deal is riddled with information asymmetry caused by the involvement of multiple parties. We then offer recommendations on how to solve this challenge through the application of blockchain technology. Despite its cost, systems integration and business culture challenges, we believe that, over time, blockchain technology will bring individual parties closer to the action, reduce information clutter and eliminate dependence on any one party to disseminate information

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