Captive Insurance Times | Blockchain to have ‘substaintial’ impact on insurance industry

Blockchain is a very topical issue at the moment, and in Vermont, “we believe that blockchain and other emerging technologies will have a substantial impact on the insurance industry”, according to Vermont’s director of financial services at the Vermont Department of Economic Development, Ian Davis.


Earlier this year, the Department of Financial Regulation and the Office of the Vermont Secretary of State collaborated on a pilot programme that explored the use of blockchain technology in the captive insurance market.


Recently, the Distributed Ledger Governance Association (DLGA) have set up a captive insurance working group in Vermont, which focuses on the blockchain industry.


In a recent interview with Davis, he said: “Our captive team continues to have robust discussions with companies around blockchain and its potential uses and benefits, however, at this point, we have yet to see anything implemented.”


“That said, as a leading captive domicile, we have an obligation to keep up with these developments, and have recently launched a blockchain pilot program of our own to further explore its uses in the digital recordkeeping practices of the captive industry.”


He added: “The goal of the pilot is to examine whether or not the application of blockchain technology can improve aspects of the captive regulatory process, including providing increased efficiency, accuracy and security.”

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