Blockchain: An Emerging Digital Platform for Insurers

 

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Abstract

 
oBlockchain ultimately provides access to secure, decentralized transactions, offering an improved basis for non-repudiation, governance, fraud prevention, financial and personal data, and reporting.

oInsurers 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.

oBlockchain 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.
 

Description

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. 

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Report Source Information

Supplied by: Research and Experts 
Date Published: 2016-09-01 

Report: Blockchain: An Emerging Digital Platform for Insurers

 

Contents

EXECUTIVE SUMMARY
Blockchain is both an opportunity and a threat to insurance
Key findings
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
APPENDIX
Abbreviations and acronyms
Definitions
Big data
Methodology
Primary and secondary research
Bibliography
Further reading
About Verdict Financial
Disclaimer
 

Scope

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.

 

Classification

Language Code: EN 
Region: United Kingdom 
Report Type: Market Report 
Industry: Service Industries 
Sector: Insurance 
Pages: 23 

Companies Featured

Aviva AXA Allianz Generali Everledger.

 

Reasons to buy this report

oGain a detailed insight into the functions of blockchain technology. Discover how blockchain could be applied to general insurance, including the potential benefits and limitations.

oBe informed of the insurers investing in the technology and looking to develop blockchain-centric propositions in the coming years.
 

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Blockchain: An Emerging Digital Platform for Insurers

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In an effort to increase competitiveness the conservative government is investing £375billion in energy, transport, communications and water over the next 5 years. This will be matched by £25billion from the insurance industry. Taxes have been cut and welfare has undergone reform. There are generous tax incentives for investors in start-up companies. All these efforts should go a long way towards driving growth in the UK.

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The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets. 

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Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

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Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

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