Kevin Wang is with Plug and Play Insurance, the insurtech vertical at Plug and Play Tech Center, one the largest global technology innovation platforms. Plug and Play insurance is a leading insurance innovation platform that has recently launched in partnership with Munich Re, USAA, State Farm, SOMPO Digital Lab, Farmers, Nationwide, Deloitte, Travelers, Aviva, AIG and many more global Insurance institutions. Kevin studied finance at Case Western Reserve University. He is a serial entrepreneur with a background in manufacturing and distribution, as well as strategy consulting. How to join the network The embers of innovation are beginning to char the massive $1.2 trillion underbelly of the largest industry in the world. Every segment of insurance is under competition by entrepreneurs touting new ways to underprice risk, creating new types of premiums and servicing consumers in a tightly regulated on-demand economy. While most startups attempting to gain traction in the insurance market fall under incremental innovation, Blockchain for insurance could be characterized as disruptive. The underlying technology of the world’s most adopted digital currency, bitcoin, is quickly becoming one of the hottest topics across a number of industries. More than just a distributed database for bitcoin, Blockchain’s ability to send, receive and store information has the underlying power to disrupt the way businesses process digital transactions. The implications of decentralized ledger technology (DLT) are astounding: Digital trust is now an ever reasonable possibility; meaning online and offline assets can now be assigned ownership and the transference between those parties can be proven both linearly and cryptographically. Specific to insurance, Blockchain technology has the power to simplify the claims process, alleviate high premiums, help insurers create niche coverage and, most importantly, benefit those who live in catastrophe regions. Peer-to-peer insurance Blockchain adoption has the power to transition new and existing models […]
