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    Apac CIO Outlook Weekly Brief

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    Editor's Pick (1 - 4 of 8)
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    InsurTech and the Benefit to the Business

    Brendan Mills, CIO, nib Group

    Diverse Environment Presents Challenges, Opportunities

    Helen Attenborough, CIO, Asia Pacific & Latin America, QBE Insurance

    Establishing Trust from Business Stakeholders

    Ash Shah, Regional P&C CIO and Chief of Staff, AXA, Asia Region

    Reinventing Capabilities Across Insurance Value Chain

    Raymond J Oral, CIO, CNA Insurance

    Innovation challenges and the Insurance Broker

    John Petersen, CIO, Heffernan Insurance Brokers

    Technology as Key Driver for Reduced Insurance Cost

    Paul Brady, VP & CIO, Arbella Insurance Group

    Enterprise Mobility: Still Needs a Sound Business Case

    Henkten Bos, CIO, Ageas Insurance Company (Asia) Ltd

    Consumer Insight, Experimentation and Other Winning Strategies for the Insurance Disruption Game

    Louise Billmeyer, VP & CIO, Principal Financial Group

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    Empowering Pay-as-you-go Insurance with Blockchain

    By Apac CIO Outlook | Tuesday, August 04, 2020
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    Blockchain technology helps to create an authenticated tracking system of transactions or events. It is self-managed, secured, accountable (through the use of a ledger), and works with a set of rules and a calculation process. This innovation is modifying the trust that has been broken for quite some time amongst insurers and policyholders. Some insurers are revolutionizing the way one can pay for auto insurance with Pay-As-You-Go insurance. As connected to pay-as-you-go protection or utilization based protection (UBI), this innovation could help shape a more profound association. UBI is a new idea that translates the number of miles you drive and alters your rate as the need arises. These mileage discount programs base the auto insurance premiums on miles driven—so if you drive less, you save more. In principle, this kind of protection urges individuals to drive less and secure more for bringing down rates, leverage for both the safety net provider and the policyholder. Blockchain could upgrade UBI items by putting away gathered information from vehicle sensors in the blockchain, consequently bringing down expenses for drivers and furnishing insurance agencies with perplexing, ensured customer information. The technological supremacy and security of blockchain and the insurance industry together with the safer driving makes this innovation globally unique. The outcome of this is disruption of the motor insurance philosophy.

    National General Insurance and Onstar are the first to institute a telematics technology-driven Pay-As-You-Go insurance discount program in the U.S. Pay-as-you-go protection could be the response to finding the perfect measure of scope for the way of life, with secure blockchain innovation serving to enhance the procedure boundlessly.

    See Also: Top Insurance technology Companies

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    Insurance Technology

    Telematics

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