September 10, 2018

The Blockchain Strategy of Major Insurance Incumbents


Blockchain technology has brought a newer, exciting dimension to the way businesses operate with a plethora of use cases built around transparent data sharing, immutable cryptographic record keeping, decentralization, consensus-based authentication, and smart contract-based decisioning. Most of the industries are trying their hands on Blockchain prototypes and POCs. A handful of these POCs are also becoming successful and are going into production. Among all these industries, insurance, in particular, has a vast potential for Blockchain-driven innovations solving multiple pain points across the insurance value chain, owing to its reliance on disparate systems involving multiple participants with a high scope of data sharing. The application of Blockchain in insurance ranges from fraud detection during claims, smart underwriting & digital-first policy administration, record keeping, automated codified payouts, etc. While a lot of InsurTech startups are now leveraging Blockchain along with other modern technologies (such as AI & IoT), the industry has also…

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