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Blockchain is a distributed ledger that is broadly discussed as a technology with huge innovation potential in all areas of financial services. To date, it is largely in the banking arena where blockchain use cases have been identified. However, blockchain technology also offers potential use cases for insurers, including innovating insurance products and services for growth, increasing effectiveness in fraud detection and pricing, and reducing administrative costs. In these application areas insurers could address some of the main challenges they are facing today-such as limited growth in mature markets, and cost reduction and regulatory pressures. The implementation of blockchain is a long-term project as it largely depends on network/system effects as well as on defining the regulatory conditions. In addition, before initial implementation steps are taken the benefits and limitations of the technology need to be fully addressed and understood. Considering all of this, and with many other financial services investigating its prospects, now is the best time for the insurance sector as a whole to further explore blockchain technology and its potential.
Blockchain ultimately provides access to secure, decentralized transactions, offering an improved basis for non-repudiation, governance, fraud prevention, financial and personal data, and reporting.
Insurers see blockchain as an opportunity to integrate the ecosystems of trusted third parties to reduce the costs of their global platforms, improve customer and market reach, and develop new propositions.
Blockchain provides more scope for insurers to maximize governance through improved data access, third-party controls, and more sophisticated management of the risks associated with their products and services, including resilience services and cyber insurance.
Verdict Financial's "Blockchain: An Emerging Digital Platform for Insurers" provides an in-depth analysis of blockchain technology and its potential application to the insurance industry. The report discusses how blockchain could revolutionize many of the long-standing systems and processes within general insurance, and how insurers could benefit from the characteristics offered by the tech. The brief also provides an overview of the limitations of blockchain and the challenges insurers are likely to face going forward.
Reasons To Buy
Gain a detailed insight into the functions of blockchain technology. Discover how blockchain could be applied to general insurance, including the potential benefits and limitations.
Be informed of the insurers investing in the technology and looking to develop blockchain-centric propositions in the coming years.
Blockchain is both an opportunity and a threat to insurance
Critical success factors
THE IMPLICATIONS OF BLOCKCHAIN FOR INSURERS AND THE INDUSTRY
Introduction: what does blockchain technology mean for insurers?
Blockchain is a tagging system designed to prove the time, integrity, and identity of data
The evolution of blockchain is redefining certain aspects of the insurer business model
The evolution of blockchain presents new technical dynamics for insurers
Keyless signatures assist in the authentication and preservation of claims
Blockchain could provide a means to manage claims in a transparent manner
Insurers are looking beyond algorithms to establish a customer-focused claims model
OPPORTUNITIES FOR INSURERS
There are three main areas of opportunity for insurers in the use of blockchain
Fraud detection and risk prevention are the primary solutions for the industry
Collaborating with payment systems developers would help expand market knowledge
Blockchain technology offers a new level of cyber resilience
Investments in digital tech are becoming more commonplace among insurers
AXA is considering the integration of blockchain technology into its business practices
Aviva has partnered with Plug and Play to help transform ideas into products
Blockchain's potential presents the use case for innovative smart insurance contracts
THE OUTLOOK FOR BLOCKCHAIN AND THE NEXT STEPS FOR INSURERS
There are limitations insurers must consider before applying blockchain
Blockchain: An Emerging Digital Platform for Insurers
Abbreviations and acronyms
Primary and secondary research
About Verdict Financial
Figure 1: Blockchain was initially designed to facilitate the transfer of currencies
Figure 2: A full audit trail of transactions in a blockchain makes transaction fraud difficult
Figure 3: Keyless signatures are used to verify electronic data stored in the blockchain
Figure 4: Some versions of blockchain technology offer insurers advanced cyber coverage
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