One cannot plan for or predict the impact or the extent of disruptive inventions. Companies need to investigate and analyze megatrends and the latest developments on the market.
Not only the banking and insurance sectors are engaging in heated debate about the opportunities, risks, and potential applications offered by Blockchain technology.
Blockchain Technology is referred as Internet 2.0. Like the disruptive step from mobile to smartphone.
The insurance industry is disruptive impacted by technological revolution processes to manage data that helps tamper-proof identification of participants. The biggest challenge is to rethink how to overcome the challenges of geographic distances when it comes to manage contracts and risk assessments.
Established companies are threatened being pushed off the market by new economy companies and have already begun to transform to the next economy. The existence of old, new and next economy at the same time is given through niches and monopolistic positions. The risk hedging market changes and digitization takes place actively.