MAY - JUNE6CIOReview's circulation is audited and certified by BPA International (Audit Pending). Copyright © 2018 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.MAY - JUNE, 2018Contact Us:Phone:510-683-5022Fax:510-894-8405Email:sales@insuranceciooutlook.comeditor@insuranceciooutlook.commarketing@insuranceciooutlook.comMay - June, 2018, Vol 04 Issue 02 Published by ValleyMedia, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Managing EditorPamela MorganSalesEditorial StaffAaron Pierce Ava GarciaSamikshya Behera VisualizerAlvin AndrewsBLOCKCHAIN SPECIALJohn Varghesejohn@insuranceciooutlook.com*Some of the Insights are based on the interviews with respective CIOs andCXOs to our editorial staffAlex D'SouzaJoshua ParkerSarah FernandesEditorialPamela MorganManaging Editoreditor@insuranceciooutlook.comWhat was once considered as the underlying architecture for the Bitcoin cryptocurrency has now evolved as one of the most impactful technologies in the industry. For many, the Blockchain technology represents the next technological revolution after the Internet.At the core, the conception of a decentralized, secure, virtually incorruptible and transparent ledger distributed among various users in blockchain is what underpins excellence and establishes credibility. Anchored on the distributed ledger algorithm, blockchain is transforming the insurance industry. The technology can be leveraged across the insurance value chain to reduce duplication of processes, streamline paperwork, strengthen data security, reduce counterparty risks, and lower operational costs and time consumed for claims processes. Insurers can utilize blockchain to efficiently assess compliance levels through seamless audits, with an aim to eliminate fraud. Owing to the functionality wherein data is immutable and decentralized, the number of erroneous claim payments can be reduced by preventing tampered documents and false billings to "fall through the cracks." Among the plethora of features and capabilities that blockchain brings to the table, the smart insurance contract is at the forefront, changing the way insurers deal with their clients. The digitally-enabled contract is highly efficient when it comes to making the exceedingly complex and challenging legal language easily understandable and confirming information before processing transactions. Evidently, the industry's propensity for smart contracts is justified for its potential to manage claims in a highly transparent and responsive way. The technology, as groundbreaking as it is, is just the tip of the iceberg. While blockchain now looms large on the radar screens of the insurance industry, many companies are getting to grips with what is possible with it. In a nutshell, the key to success remains in an insurer's ability to identify, analyze and determine the benefits of blockchain for adding considerable value. To gear up for the blockchain era, we suggest our readers have a look at how these Top 10 Blockchain Solution Providers are redefining innovation in this space.Write us your thoughts.A Catalyst for TransformationPamela Morgan
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