Blockchain, a catalyst for new approaches in insurance: Part 2
Market launches and changes in 2019
81% of insurers today are familiar with blockchain technology and anticipate its widespread adoption across their industry, with 100% of insurers planning on integrating blockchain into their production systems by 2021. However, only 8% were planning to invest in the technology in 2017, so the pace of investment will have to pick up significantly over the 2018-2021 period in order to achieve the stated objective.
In this report, we analyse market launches carried out over the 2017-2018 period (first half), offering different perspectives that highlight:
- The first business use cases covered – relating primarily to traceability/KYC and the automation of smart contracts;
- How these solutions were implemented by major market players or newcomers – technologies, project organisation, governance and interaction with the blockchain ecosystem;
- The initial takeaways, as well as the upcoming challenges foreseen by market players, and approaches to reduce risks related to deploying blockchain technology, including operational, legal, regulatory, cybersecurity and reputational risks.
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Stephen O'Hearn
Global Insurance Leader, PwC Germany
Tel: +49 89 38 00 69 688
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