Insight Report: Blockchain in Insurance

Executive Summary

This report is the first in a series of Insight Reports from ConsenSys Solutions focusing on the role that blockchain technology can play across multiple industries.

Efforts are underway to integrate distributed ledger technology into various business models and processes, with many applications already live, and many more in the pipeline of development. This Blockchain and Insurance Report provides an overview of what blockchain is, why blockchain is important for the insurance industry, and how it can specifically benefit the industry through improved efficiency, cost-savings, data quality, and trust among stakeholders.

The report examines a variety of use cases which show blockchain’s transformative potential, including know-your-customer (KYC), anti-money laundering (AML), fraud mitigation, index-based or parametric insurance, peer-to-peer insurance, and automated claims-handling. Examples of early innovators in the space are highlighted throughout.