Marek: Blockchain, or distributed ledger technology (DLT), is the latest “next big thing” across all industries. Yet, as it infiltrates the insurance industry, it faces an uphill battle. Predictably, insurers are holding blockchain at more than arm’s length, and even investigation into or evaluation of the technology is limited right now. A likely cause of this skepticism is the relationship between blockchain and Bitcoin and its definition as the foundation of cryptocurrency. As a result, many insurers view the usage of blockchain as exclusively financial or “FinTech” in nature and therefore not necessarily related to the productivity gains of InsurTech. For there to be wider adoption of blockchain throughout the industry, insurers must embrace a broader view of the technology beyond its financial characteristics. The use of the term “DLT” begins to move the needle away from associations with FinTech.

How is robotics likely to change the insurance industry? Justin: Robotic process automation (RPA) has the potential to spark insurance transformation in a number of ways. First, it can free up resources for more valuable and strategic tasks. Second, it increases throughput and reduces turnaround time in operations. Third, it helps to improve overall accuracy across many manually-driven functions of the insurance lifecycle. RPA can be interpreted as an effective “virtual resource” in that it performs repetitive, rule-driven tasks, directed by software and existing applications. The technology is extremely versatile; Robots can work unattended for back office operations without requiring human input. Alternatively, they can work in a mode that requires human intervention and prompting at designated intervals.