Insurance, which plays a critical enabling role in wealth creation and economic growth, seems to lack the trust of Asian consumers.
Unfortunately, it doesn’t seem like this will change anytime soon. Lack of trust plays a part in the region’s extraordinarily high levels of underinsurance. Without the ready availability of insurance products and services to all segments of society, the economic progress made by individuals and households in developing Asia will remain tenuous.
However, the advent of new technologies could help to restore consumer faith in insurance products. One of them—blockchain—has the potential to impact the entire insurance value chain end-to-end.
In fact, harnessing the power of blockchain could transform the way insurers create products, making them more relevant and appealing to the next generation of policyholders.By creating new gauges of trustworthiness as well as disrupting the existing trust protocols… — blog.adb.org/blogs
A version of this article appears in print on April 11, 2018 of The Himalayan Times.