Blockchain in Insurance - Thematic Research
Blockchain technology, often referred to as distributed ledger technology (or DLT), is a means by which the participants in a distributed network can each maintain a copy of an immutable ledger of transactions, and where transactions can be executed without the need for a single, central, coordinating authority.
We are not suggesting universal uptake of blockchain across insurance in 2018 or even 2019, but it is generating interest in relation to the distributed ledger technology. The ability to automate processes and complete transactions in a few seconds within a secure and transparent setting will resonate strongly. Blockchain promises exceptional value to underwriting, claims management, and peer-to-peer (P2P) insurance models, as well as the creation of new products and services, specifically through a combination of the Internet of Things (IoT) and smart contracts. Insurers this year will likely continue to explore the benefits case and seek to bring blockchain-based solutions to the market. The true impact will only be evident when operational infrastructures are sufficiently reconfigured through the value chain, to support smart contracts and other gains through the wider insurance value chain.
- This report analyses the impact of blockchain in the insurance sector.
- It identifies the current leaders in blockchain technology and players looking vulnerable.
Reasons to buy
- The report highlights some of the key players in the blockchain industry.
- It identifies the key trends in this technology theme.
- The report analyses the blockchain value chain by use case.
- It also provides an industry analysis explaining how the technology is moving beyond the incubation phase, but is still largely the domain of proof-of-concept projects and small-scale production deployments.
- The report also offers a technology briefing, highlighting how blockchain technology has developed over the last decade and how it works.