We have seen how data that affects the lives of customers and the solvency and reputation of corporations can be made immutable and independently auditable by leveraging the blockchain standard.
Tying big data repositories to the blockchain can enable those repositories to be used for long-term regulatory compliant archiving. This will make them available to customers, while still providing proof of segregation and PII handling for regulators and auditors.
The vision promised by big data and cloud computing is expected to dramatically transform the insurance industry. Analyzing this data in real time, protected by the blockchain and as part of a strategic, holistic risk management strategy, is now a mandatory requirement for the industry. It is a positive competitive differentiator and will enable insurers to serve the public in utmost good faith.
It is only by harnessing the value of big data technologies that the (re)insurance industry can properly evaluate the financial risk posed by floods, windstorms, hurricanes, earthquakes, volcanoes, cyber and terrorist attacks, and fraud. The big data approach allows everyone (catastrophe modelers, risk managers, loss adjusters and underwriters) to access and share insights with the peace of mind that the blockchain provides. This guarantees the veracity of the underlying data and makes it independently verifiable by auditors and regulators.