Blockchain in Insurance
Report Summary
November 2016 - This executive brief provides an overview of blockchain technology with a focus on the implications for insurers. It covers how blockchain technology works, the impact on the industry, possible insurance use cases, including parametric insurance, blockchains as sources of record, enabling P2P contracts, and others.
It also includes an overview of relevant companies in the space, including Accenture, BlockApps, B3i, Bloq, Chain, ConsenSys, Enigma, Factom, HyperLedger, IBM, Microsoft, and Symbiont.
Several carriers, such as John Hancock and Allianz, have announced projects publicly; many others are exploring the technology in a stealthier fashion. InsureTech start-ups like Dynamis, Safeshare, and Teambrella are building insurance offerings based on blockchain.
Although it is very early in the insurance industry’s adoption of blockchain technology, the long-term effect of may be significant. Especially when paired with other emerging technologies such as the Internet of Things, it is an area of potential disruption that insurers should be watching.