Blockchain

Carriers are able to leverage delayed flight information to provide customers with various other options of travel, similar to the hospitality online marketplace.

Applications include the faster delivery of claims payments, identifying fraud and leverging connected IoT data for improved actuarial models.

The commercial insurance broker's pilot, in partnership with IBM and ACORD, is the second such initiative in the P&C sector.

Carriers are taking more serious looks at next-generation technologies like wearables, blockchain and artificial intelligence.

The technologies are top of mind for the carrier in its efforts to modernize underwriting and claims management, says Puneet Bhardwaj, SVP of digital analytics.

New business models based on blockchain and cognitive intelligence are coming, which will lead to the introduction of smart contracts for greater efficiency.

The pilot program will be used in a cross-industry initiative designed to improve and validate the information in provider directories.

Using this technology, traditional data flows would be transformed because data integrity could never be accidentally or maliciously altered.

There will be widespread adoption of AI and especially of robotic process automation, as organizations look to boost the value of data, says Christopher Mazzei.

Carriers who develop internal innovation capabilities can outrun disruptors thanks to industry knowledge and information resources.