IN THIS CHAPTER
Building new business
Tailoring individual insurance
Creating new insurance markets
Cutting costs in unexpected ways
Blockchain insurance technology is situated to change how individuals and companies buy and obtain insurance coverage, and it’s coming faster than you might think! You need to understand the implications of these new technologies that are just now on the horizon.
In this chapter, I explain how these new technologies work and their core limitations. I show you how Internet of Things (IoT) devices will collaborate with insurance providers. I also describe how self-executing blockchain contracts will shape policies and company structures.
This chapter prepares you for the fundamental changes in technology that may shift the burden of proof. After reading this chapter, you’ll be able to make more educated decisions about blockchain-based insurance coverage and payments. You’ll understand how the cost of coverage will affect you and the different types of coverage that will become available to you in the future.