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Have you heard...?

Unless you've been out of touch, it should come as no surprise that the digital ledger has begun to make its way into the realm of insurance and risk management.

Much like the internet was decades ago, this disruption will cause pain and pleasure and while its advantages seem abundant, as the platform matures, 'issues' will no doubt arise to cause angst.

That said, insurers may begin migrating data to a 'smart policy format' offering a permanent blockchain ledger more easily recognizing gaps and needed coverage.

The beauty of such na rrangement is that the contracts may be programmed with 'triggers' that automatically engage when an event occurs, eliminating claims paperwork for policyholders and trimming months off of the settlement process.

The long view might find agents as antequated pieces of the protective puzzle with sophisticated buyers seeking solutions from first-movers in the insurer space allowing them to bypass traditional agency plants all together. (Think 'direct writers on steroids!)

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