Stuck in the Old Ways

It’s a well-understood fact that technology has made a kind of life possible that we used to think was just the stuff of dreams. It might feel like that technology is just a few great features packaged together under one domain, but in all honesty that can never be its true definition. Technology means differently to different people, organizations, and sectors, and its impact on all these stakeholders has been of varying nature as well. Even though there were always a diverse set of needs, a diverse set of gaps to bridge, technology has managed to cater it all with slick efficacy and sustainability. It proved itself time and again before it was relied upon for operations of utmost importance, and even when tasked with greater responsibility, this marvelous thing continued to impress. The USP of technology is the innovation. Hence, a combination of innovation and unmatchable efficiency was conceived. This combination would go on to change the way things are done across the world, but most importantly, it would go on to change our lives.

As mentioned above, technology’s impact on different stakeholders has been influenced by the user’s needs, and for insurance sector, that impact is taking a form of something bigger than just crunching the numbers and making projections of potential risk. The approach of insurance companies when it comes to insuring assets has been more or less the same at its core. A cutting-edge setup has certainly added different dynamics to it, but there hasn’t yet been a moment of epiphany that will usher the sector into a whole new era. Well, that might be about to change.

It doesn’t take a lot of observational skills to realize that the introduction of non fungible tokens is shaking up the world’s view of valuable assets in general. It is becoming clearer everyday that NFTs are poised to become the next big thing. This was reinforced in quite a fashion recently when the well-known auction house, Christie’s sold an NFT based purely on a digital work of art for a whopping $69,346,250. Now, the sticking issue is that while people want to get their extremely valuable NFTs insured, insurance companies obsolete policies make things tough. The sheer lack of inroads to accommodate non-physical damages creates a tricky situation for NFT holders, leaving them with not many options.