Emerging tech can help speed insurance claim process.
While
blockchain is a big buzzword in the business world these days, EY
executive director David Bassi says he doesn’t think about the hype
around what it may be capable of doing someday, but instead considers
blockchain as one more tool in his bag to solve issues now.
“We’ve
got this transformative technology. What does it really do, how are
people using it, and why does it matter?” he explained. “I don’t play in
the space where it’s all about finding new technology and finding cool
things to do with it. I play in the space where we’ve got a problem and
we’re trying to find a solution.”
Bassi’s
work at EY centers around the insurance industry, an area that he says
blockchain can be useful because of its ability to speed processes that
involve information changing hands repeatedly and information that needs
to be accurate and quickly accessible.
“In
business transactions, I’ll start with information, I’ll send it to an
intermediary who may send it to another party, who may send it to
another party. And by the time it gets to the end user, it may not look
the same as it did originally,” he said. “Despite all the work we do on
authentication, on insuring the information remains accurate as it moves
along, we still get into arguments.”
Blockchain
can allow all involved parties of a particular incident to access the
same information, track who made changes and when they made them, and
ultimately result in a faster payment of claims, Bassi noted. He used
the example of marine shipping company Maersk, pointing out the huge
number of people and documentation needed to keep track of cargos and
ships, as well as the outside companies that needed the information in a
timely manner – especially insurance companies.
“Everybody
had problems with the administrative costs, everybody had problems with
information security,” he said. “When there’s such a large group of
entities involved, blockchain is a great solution, but you need to get
everyone aligned on how it’s going to create value for all of them. So
an important part of the journey was bringing them all together and
helping them understand what was in it for them, and creating a system
that worked for them.”
February 28, 2019 by Farmer School of Business
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