Blockchain in Insurance - Thematic Research
Blockchain technology, often referred to as distributed ledger technology (or DLT), is a means by which the participants in a distributed network can each maintain a copy of an immutable ledger of transactions, and where transactions can be executed without the need for a single, central, coordinating authority.
We are not suggesting universal uptake of blockchain across insurance in 2018 or even 2019, but it is generating interest in relation to the distributed ledger technology. 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.
- This report analyses the impact of blockchain in the insurance sector.
- It identifies the current leaders in blockchain technology and players looking vulnerable.
Reasons to buy
- The report highlights some of the key players in the blockchain industry.
- It identifies the key trends in this technology theme.
- The report analyses the blockchain value chain by use case.
- It also provides an industry analysis explaining how the technology is moving beyond the incubation phase, but is still largely the domain of proof-of-concept projects and small-scale production deployments.
- The report also offers a technology briefing, highlighting how blockchain technology has developed over the last decade and how it works.
Companies Discussed are -
Table of Contents
Blockchain industry trends 4
Blockchain use case trends 5
Blockchain trends in the insurance industry 6
VALUE CHAIN 9
Asset registries 10
Financial services platforms 11
Industrial platforms 12
INDUSTRY ANALYSIS 13
Permissioned DLT networks insert a degree of trust into the equation 14
Commercial blockchains are at least five years away 14
DLT faces several fundamental technical challenges 15
What are the primary use cases for blockchain technology? 15
Land registries 16
Digital fiat currencies 17
Smart grid 17
Commodity trading 18
What does blockchain mean for insurers? 18
Mergers and acquisitions 21
COMPANIES SECTION 24
Public tech and financial services companies 24
Private companies 25
TECHNOLOGY BRIEFING 27
How does blockchain work? 28
APPENDIX: OUR THEMATIC RESEARCH METHODOLOGY 32
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.