Zac Townsend believes that the core technology underlying the Bitcoin network can revolutionize the life insurance industry in the near future. Townsend, CEO of Accenture, a leading global consultancy firm, sees great potential for blockchain technology to reshape the life insurance sector.
Townsend points out that life insurance policies are traditionally highly complex, inefficient and costly for both the buyers and insurers. This he believes can be changed with the help of blockchain technology.
Townsend recently noted that by utilizing smart contracts, life insurance companies could automatically process claims, efficiently verify insurance policies and store every transaction securely without having to manage large amounts of paperwork.
The blockchain could also help life insurance companies to identify fraud and detect suspicious activities in their customer database. Smart contracts also have the potential to help to make policy administration more efficient and quicker.
Townsend believes the potential of blockchain technology in the life insurance sector is far from fully realized, and believes that Accenture is uniquely placed to provide clients with a comprehensive set of services and capabilities related to harnessing the power of blockchain. He does also feel, however, that leadership and innovation are needed from life insurance companies for the industry to truly embrace the potential of new technology.