For the first time in history, many insurers feel threatened in their existence. To really blend innovation in their DNA, insurers need to create a vision for change. To succeed in this rapidly-changing landscape, insurers need to change fast. However, it is well known that large companies often deal with the so-called innovator’s dilemma. Legacy, risk aversion behavior, and cultural barriers typically slow down the innovation process for insurance companies opposed to a new company entering the market. Overall, the impact of technology and innovation on the traditional insurance business model will be large and will require insurers to rapidly-adopt and structurally-embed InsurTech capabilities to remain relevant.

Blockchain ideally is that innovative technology that has the potential to transform many different industries, and insurance is definitely one of them. Synechron's InsurTech Accelerators utilize Blockchain’s Distributed Ledger Technology (DLT), Smart Contracts and digital payment capabilities combined with the Internet of Things (IoT) to assist with asset provenance, reduce fraud, and to create a straight through process around high volume low value insurance claims. Furthermore, they bring banks and corporates like insurance companies together on a single Distributed Ledger to minimize fraud and increase transparency around the insurance supply chain.