Bitcoin was created to exchange value without a centralizing third party. Bitcoin's very goal was to create a digital asset to enable its incensurable exchange. We can therefore in principle doubt that “blockchain technology” is the best answer to objectives too far removed from the principle of decentralized exchange of digital value. When faced with a blockchain project without a token, the added value of the blockchain is most of the time at least subject to debate, and often ends with a technical examination of the differences between a private blockchain and a database.
The new nature of the blockchain makes it incompatible or difficult to connect to old systems. We can even add that the philosophy of blockchain in its first avatar, bitcoin, is rather to replace old systems. To think that an insurer can whistle the blockchain for help and suddenly see a magician appear improving the insurance process is just a pipe dream. You can't get value from blockchain if you want to keep all your old systems, all your processes, all the complexity that you need to get rid of.
The insurance industry will soon understand that the most immediate opportunities are not about how Crypto can support Insurance, but how Insurance can support Crypto. The cryptocurrency industry is now very real, with billions of dollars traded every day. This sector needs insurance for portfolios and custodians and has seen products emerge at high prices. Some insurance companies will certainly end up doing their usual job (risk assessment and coverage) on this new surface (Bitcoin and all other cryptocurrencies), it will be difficult for the following ones to catch up with them.
It would also be wise to invest a small portion of insurance premiums in bitcoin to hedge against fiat hyperinflation in the event of a sovereign credit default or bank failure (remember that insurers don't compensate not only in cash, but sometimes with services which may also be subject to a sharp increase in prices in the event of hyperinflation). Even if there is no complete collapse of sovereign currency systems, Bitcoin's structure (scheduled issuance, reduction in issuance over time, fixed maximum supply) will reassure investors by showing them that it It is an asset that has the power to hold more value in the medium and long term than fixed rate assets, and which therefore constitutes a clear hedge against the fall in the values of sovereign currencies.
