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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.

 

Contact us

Jim Bichard

Global Insurance Leader, Partner, PwC United Kingdom

Tel: +44 (0) 7841 562 560

Contact us

John  Garvey

John Garvey

Global Financial Services Leader Principal, PwC United States

Tel: +1 646 471 2422

Olwyn Alexander

Olwyn Alexander

Global Asset and Wealth Management Leader, Partner, PwC Ireland (Republic of)

Tel: +353 (0) 1 792 8719

Kurtis Babczenko

Kurtis Babczenko

Global Banking and Capital Markets Leader, and US Finance Transformation Leader, PwC United States

Jim Bichard

Jim Bichard

Global Insurance Leader, Partner, PwC United Kingdom

Tel: +44 (0) 7841 562 560

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