Does your insurance bottleneck really need blockchain?

Photo by Tom Parsons.

Short answer: probably not.

Long answer: Because “probably not” is probably not the answer you were looking for, we’ve prepared a list of follow-up questions. Your industry problem will only need blockchain if your answer is “yes” to all of them. With that in mind, you can stop reading once you hit your first no.

Let’s go.

  1. Is a database needed?

If no, you don’t need blockchain.

If yes…

2. Does the existing process have parties with varying/conflicting interests reconcile data on their own ledgers for the same issue? (e.g.: claim or premium bordereaus between brokers, insurers and re-insurers).

if no, you don’t need blockchain.

If yes…

3. If the writers of this “unified ledger” were to share a centralized, read/write spreadsheet of their ledgers, do they need someone to monitor, regulate or audit the the single ledger?

if no, you don’t need blockchain.

If yes…

4. Do you need to maintain ownership, immutability, and privacy of data shared on this ledger?

If yes… Congratulations for making it this far. Let’s get in touch!