Blockchain in Insurance: Use Cases

by Jamie Macgregor,  Michael Fitzgerald, March 3, 2016
Industry Trends
Global

Abstract

Blockchain is in the hype cycle that accompanies new, promising technologies. Until it matures, there will be a tendency to use the blockchain hammer for any inconvenient nail in insurance.

This report avoids sensationalism and offers a practical, insurance-specific perspective to advance understanding about what is possible when it comes to the blockchain.

 

Its objective is to inform insurance business leaders on the opportunities presented with blockchain technology. It defines key design concepts, details specific use cases, and provides an update on activity in the insurance industry.

“Insurers are beginning to investigate the application of blockchain in insurance,” says Mike Fitzgerald, a senior analyst with Celent’s Insurance practice and coauthor of the report. “A few have begun co-development efforts, and some are investing in blockchain startups. Celent encourages insurers to allocate resources to understand the implication of the technology on their firm and also to monitor developments.”

“Developing use cases, experimenting with cryptoapplications, and building relationships with Fintech firms are excellent beginning steps for insurers to take at this point,” says Jamie Macgregor, senior vice president of Celent’s Insurance practice and coauthor of the report.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Key Concepts

2

Use Cases

5

Next Steps

10

Leveraging Celent’s Expertise

11

 

Support for Financial Institutions

11

 

Support for Vendors

11

Related Celent Research

12

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