Evolving Insurance with Blockchain

Overview: The challenges mentioned in the previous pages are not meant to deter startups and more mature companies from working together on developing great blockchain ecosystems. These challenges merely constitute road blocks along the path to conquering the vast virgin market of InsurTech in the UAE. If the right team lucks out and has the first mover advantage, they stand to make a huge return on investment. Regulators, startups, and insurers need to work together to build the foundations for the future of blockchain collaboratively to reap its rewards. At the end of the day, the risk of doing nothing is greater than the risk of doing the wrong thing. Blockchain is slowly exiting its experimental stage and evolving into a technology that can be dependable in insurance.