Time flies and the Inmediate team has been busy. Pushing hard, so never a boring moment for this talented and committed team. But is time flying perhaps flying a little too fast for us? Our tokens were issued a year ago and have not really been used for the purpose they were designed for as yet.
Through the endless interactions with insurers and other industry players, the use cases of DLT for insurance are now becoming more mature and accepted. We keep leading from the front in that respect and are building a stellar reputation and recognition. But, as enthusiastic as we are about the potential of our solutions, the reality is that adoption of our solutions by the insurance industry is slow. The internal processes that we typically face are multi-layered, tedious, inflexible and the prevailing culture is of course extremely risk-averse (and hence change-averse). As anyone in the sector can tell you, these insurance processes are not easy to change.
We often malign the bureaucratic ways in which the industry operates. But we also understand like no other that there are of course reasons for that. Insurance is about money and money always has an attraction on bad operators. The current processes and procedures have proven necessary to avoid abuse by any of the participants in the insurance value chain. Something that is completely locked up in regulation with defined processes, is difficult to innovate. We need to be cognizant and to a certain extent be respectful of that and realise that change from within will continue to be slow.
That is why already many months ago we have decided to become less dependent on forward-looking and open-minded insurers only and have developed a blue ocean strategy whereby we build our own “new style” smart policies and processes and then seek underwriters with it. The first commercial one will be ready this week. This does not mean that all our problems will be solved since the process of underwriting is also regulated. But we expect to have less infrastructure compatibility issues and inertia when we engage with less traditional underwriters.
Our tech stack is becoming robust. Since mass scale adaption is expected to be slower than anticipated, the technical strains are a bit less in the short term than anticipated anyway. Our bottleneck appears to be the speed of adoption, not technology. Our group company Insurance Market, a licensed and regulated insurance broker, is providing us a lot of subject matter expertise, credibility and industry access.
Meanwhile, our DIT token is effectively sitting idle, waiting for network velocity to pick up. Is it worth holding on to it? In order to answer that question for yourself, just consider the current token price, your investment horizon and your investment motives.
Our business case for our new technology stacks such as DLT, AI, and IoT is getting stronger and is gaining traction. In order to make the insurance industry believe firmly and speed up, we will need to be able to demonstrate the benefits at scale. That may take still take some more time. The monetary and social effect will, however, be so huge that in our own view it will be well worth the wait.
Inmediate is applying the power of new technologies such as DLT and AI to open up a wide range of new opportunities for insurance organisations. Better, cheaper and more elegant solutions that take away risk, doubt, mistakes, overlaps, uncertainty, unclarity and instead provide speed, control, insight and security around people’s health, home, house, car, pension, savings and other assets.