27 Nov '15, 4pm

Lloyd's sees #blockchain's potential for insurance #markets #bitcoin #crypto https://t.co/KIp9igRVaU

Lloyd's sees #blockchain's potential for insurance #markets #bitcoin #crypto https://t.co/KIp9igRVaU

A plan to modernise the London Market – the major international insurance market based in the United Kingdom's capital – may include recommendations to use blockchain technology to improve data access and reduce costs associated with administrative paperwork. Lloyd's , one of the London Market's key participants, held a seminar in London last week to highlight blockchains, among other technologies, to insurance market participants as part of their modernisation plan, called the Target Operating Model , or TOM. Blockchains could bring increased risk-recording abilities, transparency, accuracy and speed to the insurance markets, Lloyd's director of operations, Shirine Khoury-Haq told CoinDesk in a statement. Khoury-Haq elaborated on the insurance market's interest in blockchains: "Blockchain has the potential to improve the way insurers record risk, increasing the speed, acc...

Full article: http://www.coindesk.com/lloyds-sees-blockchains-potential...

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