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Blockchain Report, Insurance Technology Report

Blockchain in Insurance - Thematic Research

What does blockchain mean for insurers?

Insurance is experiencing an evolution, or rather facing a challenge in evolving its products, services, and infrastructure in response to the connected world. Progress in the insurance digital space will certainly be driven by successful innovation, including the adoption of disruptive technologies such as mobile, analytics, big data, and payment platforms, not to mention progressive, up-and-coming technologies such as blockchain.

  • What you need to know...
  • Blockchain is a tagging system designed to prove the time, integrity, and identity of data.
  • Blockchain empowers claims prevention and is set to transparently re-engineer claims management.
  • Marine insurance is one of the oldest insurance business segments. The blockchain platform will go live in 2018 with the aim of improving the efficiency of marine insurance, cutting delays, and reducing the amount of paperwork and disputes that follow.
  • B3i is an insurance industry-wide initiative. B3i is a blockchain consortium backed by global (re)insurance firms such as AIG and AIA as well as founding members like Allianz, Aegon, and Swiss Re among others. The aim of B3i is to develop applications of blockchain in insurance.
  • Blockchain will enable a number of insurance products and services to be developed and expanded, reaching across different customer segments and emerging markets such as Africa, Asia, and South America where insurance penetration remains relatively low.

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Innovative portfolio

Blockchain allows future innovation in the insurance sector. One trend is that the nature of risk is changing, and so is customer behavior. Using blockchain as infrastructure combined with other new technologies such as IoT and artificial intelligence (AI), smart contracts and blockchain-based payment could enable new revenue streams through the development of new products and services.

GlobalData’s Blockchain in Insurance report, 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.

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