Insurance companies are notoriously slow at adopting new technology, which is why Mutual of Omaha stands out among them. An actuary by trade, Brian Poppe came across blockchain technology a few years ago and has since considered the ways in which it can revolutionize the insurance industry. Poppe is the Senior Vice President of Departing Well Solutions at Mutual of Omaha, and provides insight into some of the current problems in the industry and how blockchain technology can help.
When an insurance company finds itself carrying too much risk, it will seek assistance from a reinsurance company, which is a company that is willing to insure that insurance company. Forming these partnerships, however, requires an excessive amount of back-and-forth communication, data transfers and payments transfers; it’s time-consuming and complicated for everyone involved.
The solution? By using blockchain technology and smart contracts in developing these partnerships, each side is able to track the transfer of data and payments on a shared ledger. As a result, accounting becomes simple, secure, and occurs in real time. Mutual of Omaha has also implemented APIs for quoting, and is becoming more open with the way they share those APIs.
In the near future, Poppe sees the insurance industry in general becoming more and more tech-savvy, resulting in overall greater improvements. To get in contact with Brian, send him an email at firstname.lastname@example.org.