The insurance industry doesn't seem to be as vulnerable to technological disruption as traditional banking. Insurance is a highly specialized business where risk assessment and the ability to pool a large number of insurance contracts with similar risk profiles is a critical success factor that is difficult, but not impossible, to replicate automatically in a decentralized P2P marketplace. Hence, P2P and decentralized insurance underwriting are way more complex to implement than traditional banking.
On the other hand, the advent of blockchain technology represents a potentially great source of efficiency and innovation for insurers. And this time, the incumbents are not too late for the party!
Some insurance companies are already taking advantage of blockchain technology to position their businesses for success and increase profitability.
For example...
