Leading Insurance+Blockchain Reports
The underlying technology behind bitcoin is quickly becoming one of the hottest topics in the insurance industry. More than just a distributed database, Blockchain’s ability to provide security and integrity in decentralised architectures has the potential to revolutionise the customer experience, empower agents, brokers and employees.
To get a better overview of the state of Blockchain in the insurance industry, I’ve put together some reports to give you a better overview.
Blockchain in insurance — opportunity or threat?
To date, it is largely in the banking arena where blockchain use cases have been identified. However, the blockchain technology also offers potential use cases for insurers that include innovating insurance products and services for growth, increasing effectiveness in fraud detection and pricing, and reducing administrative cost.
- Increase effectiveness in fraud detection and pricing:
- Validate authenticity, ownership, and provenance of goods as well as authenticity of documents
- Check for police theft reports/claims history as well as a person’s verified identity and detect patterns of fraudulent behaviour related to a specific identity
- Prove date and time of policy issuance or purchase of a product/asset
- Confirm subsequent ownership and location changes
Blockchain in insurance: applications and pursuing a path to adoption
Blockchain has the potential to evolve into a core, underlying element in the technology „stacks“ of most P&C carriers, supporting a diverse range of processes and part of your company’s future technology „plumbing“.
Emerging blockchain applications:
- Fraud detection and risk prevention
- Claims prevention and management
- Internet of Things (IoT) and product development
- New distribution and payment models
Blockchain: A potential Game-Changer for Life Insurance
In a world in search of more open, trusted and secure IT systems, all eyes are on blockchain, which through its distributed ledger, smart contracts and non-repudiation capabilities acts as a shared infrastructure that can transform multiple processes across the insurance value chain.
Considerations for future-ready blockchain solutions:
- Data protection and security
- Enablement of a multiparty shared network
- Unified, streamlined process
Blockchain, a catalyst for new approaches in insurance
By removing intermediaries in a new type of arrangement, blockchain technology could completely upend the insurance value chain:
- Development/acceleration of new products/markets for which business models were difficult to define until now
- New approaches to underwriting, contracts and claims management, particularly through a combination of smart contracts and the Internet of Things (IoT)
- Overhaul of the modus operandi of insurance agreements
- New reinsurance approaches, particularly internal reinsurance via smart contracts
- Transformation of asset management with automated settlement and delivery of intangibles
Blockchain accelerates insurance transformation
These days, it seems everyone wants to talk about blockchain. Major insurance companies are investing into it; industry consortiums are forming around it; investors are pouring in capital. But — only 4 years ago — nobody had heard of blockchain. And only a very few understood the concept of a digital ledger, let alone its application to the insurance sector. How things have changed.
Thanks for reading! 🙂 If you enjoyed this article,
More about Blockchain: