Reinsurers are in line to build some of the biggest blockchain applications outside the payments sector, opening up a $5-10 billion cost saving opportunity.
Insurance and reinsurance companies are increasingly focusing on improving operational efficiency to help sustain or increase profitability in today’s market and we believe multiple distributed ledger technology ie. blockchain technology can help. Building on a recent PwC sponsored Z/Yen Long Finance report into ‘How Blockchain technology might change Wholesale Insurance’ highlights reinsurance as one of the aspects of the insurance chain that could benefit from using Blockchain technology. In this paper we reflect on the key findings of the report and the applicability of the results and opportunities for the reinsurance market.