Blockchain in Insurance - Thematic Research
2018 will be a torrid year for blockchain technology. As the cost and complexity of implementing blockchain solutions becomes apparent, many of the early blockchain projects will either be quietly shelved in favor of more traditional approaches, or they will evolve in a way that reduces their dependence on blockchain technology.
Blockchain technology is at least three to five years away from delivering any real impact to any particular sector. Nonetheless, first to be affected will be parts of the financial services sector, notably in trade settlements, and international payments.Much of the hype surrounding blockchain industry has thus far been centered on cryptocurrencies.
As the digital trend continues, Insurance companies are becoming smarter, with the majority of business functions and processes being underpinned by the sophisticated interplay between data and new technology. 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.
The ability to automate processes and complete transactions in a few seconds within a secure and transparent setting will resonate strongly. Blockchain promises exceptional value to underwriting, claims management, and peer-to-peer (P2P) insurance models, as well as the creation of new products and services, specifically through a combination of the Internet of Things (IoT) and smart contracts. Insurers this year will likely continue to explore the benefits case and seek to bring blockchain-based solutions to the market. The true impact will only be evident when operational infrastructures are sufficiently reconfigured through the value chain, to support smart contracts and other gains through the wider insurance value chain.
The report Blockchain in Insurance - Thematic Research, offers a framework in which to look at Blockchain, summarizes the important trends, and identifies the key players.The report also helps in identifying winners and losers based on technology leadership, market position and other factors.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook