Consensus 2017: Global Insurers Debate the Future of Prediction Markets

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Having a window into the future would make the job of an insurer a whole lot easier – and blockchain could make that possibility a bit more realistic.

The topic of blockchain-powered prediction markets and how the tech could help insurers like MetLife and reinsurers like Swiss Re was on display during CoinDesk’s Consensus 2017 blockchain conference.

Swiss Re, for its part, is in the earliest stages of seeing how it can tap the “wisdom of the crowds” to help make the reinsurer operate more effectively.

Jags Rao, who serves as the Switzerland-based firm’s blockchain workstream lead, conceded that such an application isn’t going to happen in the short term – but that doesn’t mean it’s not on the firm’s radar.

He said during the panel:

“It’s not in the next couple of years horizon, but it’s important to be prepared because that’s where we as an insurance company can contribute knowledge that can help make that work.”

The idea of using prediction markets that let experts wager on future events based on their certainty of its outcome is also being explored blockchain startup Gem, which has partnered with healthcare tech firm Philips to research the potential benefits of blockchain for healthcare.

Siva Kannan, the company’s VP of engineering, said that

Read more ... source: CoinDesk

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