2019 APR 22 (NewsRx) -- By a
First
The commentary notes that blockchain implementation is not without challenges. New procedures will require significant resource commitments at the outset, particularly from information technology teams. Additionally, there may be a learning curve to ensure that key personnel become knowledgeable about implementing blockchain.
AM Best believes blockchain will support, and not replace, the title insurance industry. Title insurers play a valuable role in protecting property rights and enabling transactions, including those between lenders and homeowners. The insured will still need an insurer behind the blockchain who can compensate them and provide support as needed when it comes time to defend their property rights.
Several hurdles still must be addressed before blockchain is implemented in a mature, scalable and reliable manner, but the First American Financial initiative demonstrates that insurers are taking notice of the inevitable move toward digitizing assets.
To access the full copy of this commentary, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=284412. AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information. Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on businesswire.com: https://www.businesswire.com/news/home/20190409005858/en/
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