Bitcoin and blockchain expertise in the insurance industry has “exploded” over the past two years, and insurers who ignore blockchain technology do so at their own peril, according to a new report from Aite Group, a global research and advisory firm.
Insurance Professionals are Boning up on Bitcoin
Individuals with technical expertise in both Bitcoin and insurance (based on LinkedIn profiles) soared from 102 in April 2017 to 5,418 in January 2019 (see Figure 1 below). Those with expertise in both blockchain and insurance rose even more dramatically: from 96 to 29,355.
Just 102 self-described insurance professionals claimed Bitcoin expertise in April 2017. By January 2019, that number had jumped to 5,418. | Source: Aite
Blockchain technology, while not completely immature within the insurance industry, still has more development ahead, with many different platforms coming to market in the last two years, according to the report, “Blockchain in Insurance, 2019: A Market Overview.” The report was based on 40 phone interviews with blockchain experts, C-level executives, innovation directors, and thought leaders at insurers, reinsurers, technology vendors, consulting firms, and venture capitalists around the world between October 2018 and January 2019.
“If you are not already involved in a blockchain project, you need to start looking for opportunities to test the waters with a limited use case or low-impact proof of concept,” says Greg Donaldson, senior analyst at Aite Group who authored the report.
An Extreme Need for More Blockchain Experts
Within the insurance industry proper, ‘talent’ growth is even more dramatic (see Figure 2). Only seven individuals professed expertise in both Bitcoin and insurance in April 2017, but 390 did so in January 2019. Only two claimed both insurance and blockchain expertise in 2017, but two years hence 2,260 were so skilled, according to Aite’s LinkedIn analysis.
Blockchain “talent” growth was even more pronounced within the insurance industry proper. | Source: Aite