Gcash Crypto Head: Blockchain Can Help Insurance Providers

The head of cryptocurrency Gash noted how blockchain can be used in developing insurance products.

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Neil Trinidad, Gcash’s Vice President and Head of InsureTech and Crypto, stated that blockchain technology has a lot of potential uses in the insurance industry. He mentioned this during the webinar, Insurtech: Addressing Underinsurance in the Country: Giving Power Back to the Consumers.

“If you look at blockchain, there’s many different uses for it. (Currently,) we’re in the early days of web 3, blockchain through its use can really help potentially insurance providers (through) either drive more efficiency, saving time, cutting costs, perhaps even improving transparency, (and)  improving security through smart contracts.”

Neil Trinidad, Gcash VP and Head of InsureTech and Crypto

Trinidad stressed that there are many different ways that blockchain could be used in developing insurance products. He also stated that in the future when cryptocurrency gains further adoption, “we may see, for instance, crypto insurance.”

“I believe that as more technology gets introduced, via web3 and blockchain, we’re going to see insurance companies start to evolve. We’re going to start seeing how we can use this technology to again, either make our policies and our plans more secure, make it more efficient, or make it even more faster,” Trinidad explained.

He also noted that insurtech (insurance technology) has contributed to the growth of the digital economy in the Philippines. 

“Given the finance for all, we are seeing that more and more consumers are embracing digital solutions to address certain needs. And in terms of the entire ecosystem, we’re seeing that, in Gcash, many of our users enter the wallet either to send money, buy load, or pay bills. But very quickly as they start to learn the platform, they become very open to other related financial services,” he expounded.

He added that these ventures are a continuum whereas the more and more people become educated about financial services, like insurance, the more people start to believe in fintech.

“I think there’s a lot of excitement in the space and we’re just getting started. Definitely, the space will continue to grow as web 3 grows,” he stated.

This article is published on BitPinas: Gcash Crypto Head: Blockchain Can Help Insurance Providers

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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