Blockchain: An Emerging Digital Platform for Insurers

Publisher Name :
Date: 01-Sep-2016
No. of pages: 23
Inquire Before Buying

Summary

Blockchain is a distributed ledger that is broadly discussed as a technology with huge innovation potential in all areas of financial services. To date, it is largely in the banking arena where blockchain use cases have been identified. However, blockchain technology also offers potential use cases for insurers, including innovating insurance products and services for growth, increasing effectiveness in fraud detection and pricing, and reducing administrative costs. In these application areas insurers could address some of the main challenges they are facing today - such as limited growth in mature markets, and cost reduction and regulatory pressures. The implementation of blockchain is a long-term project as it largely depends on network/system effects as well as on defining the regulatory conditions. In addition, before initial implementation steps are taken the benefits and limitations of the technology need to be fully addressed and understood. Considering all of this, and with many other financial services investigating its prospects, now is the best time for the insurance sector as a whole to further explore blockchain technology and its potential.

Key Findings


  • Blockchain ultimately provides access to secure, decentralized transactions, offering an improved basis for non-repudiation, governance, fraud prevention, financial and personal data, and reporting.

  • Insurers see blockchain as an opportunity to integrate the ecosystems of trusted third parties to reduce the costs of their global platforms, improve customer and market reach, and develop new propositions.

  • Blockchain provides more scope for insurers to maximize governance through improved data access, third-party controls, and more sophisticated management of the risks associated with their products and services, including resilience services and cyber insurance.


Synopsis

Verdict Financial's "Blockchain: An Emerging Digital Platform for Insurers" provides an in-depth analysis of blockchain technology and its potential application to the insurance industry. The report discusses how blockchain could revolutionize many of the long-standing systems and processes within general insurance, and how insurers could benefit from the characteristics offered by the tech. The brief also provides an overview of the limitations of blockchain and the challenges insurers are likely to face going forward.

Reasons To Buy


  • Gain a detailed insight into the functions of blockchain technology. Discover how blockchain could be applied to general insurance, including the potential benefits and limitations.

  • Be informed of the insurers investing in the technology and looking to develop blockchain-centric propositions in the coming years.

Blockchain: An Emerging Digital Platform for Insurers

Table of Contents

Executive Summary
Blockchain is both an opportunity and a threat to insurance
Key findings
Critical success factors

The Implications of Blockchain for Insurers And The Industry
Introduction: what does blockchain technology mean for insurers?
Blockchain is a tagging system designed to prove the time, integrity, and identity of data
The evolution of blockchain is redefining certain aspects of the insurer business model
The evolution of blockchain presents new technical dynamics for insurers
Keyless signatures assist in the authentication and preservation of claims
Blockchain could provide a means to manage claims in a transparent manner
Insurers are looking beyond algorithms to establish a customer-focused claims model

Opportunities for Insurers
There are three main areas of opportunity for insurers in the use of blockchain
Fraud detection and risk prevention are the primary solutions for the industry
Collaborating with payment systems developers would help expand market knowledge
Blockchain technology offers a new level of cyber resilience
Investments in digital tech are becoming more commonplace among insurers
AXA is considering the integration of blockchain technology into its business practices
Aviva has partnered with Plug and Play to help transform ideas into products
Blockchain's potential presents the use case for innovative smart insurance contracts

The Outlook for Blockchain and The Next Steps For Insurers
There are limitations insurers must consider before applying blockchain
Blockchain: An Emerging Digital Platform for Insurers

Appendix
Abbreviations and acronyms
Definitions
Big data
Methodology
Primary and secondary research
Bibliography
Further reading
About Verdict Financial
Disclaimer

List of Figures

Figure 1: Blockchain was initially designed to facilitate the transfer of currencies
Figure 2: A full audit trail of transactions in a blockchain makes transaction fraud difficult
Figure 3: Keyless signatures are used to verify electronic data stored in the blockchain
Figure 4: Some versions of blockchain technology offer insurers advanced cyber coverage

  • Global Logistics Insurance Market Size, Status and Forecast 2022
    Published: 12-Dec-2017        Price: US 3300 Onwards        Pages: 114
    This report studies the global Logistics Insurance market, analyzes and researches the Logistics Insurance development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market, like - Integrity Transportation Insurance Agency - AGCS - Aon - Arthur J. Gallagher - Liberty Mutual Insurance - AIG - Marsh - Swiss Re - Zurich Insurance - Atrium -......
  • Foreign Investments in Emerging Markets
    Published: 11-Dec-2017        Price: US 3800 Onwards        Pages: 36
    Synopsis Timetric's 'Insight Report: Foreign Investments in Emerging Markets' analyzes the importance of foreign investment in developing nations in terms of both economic and infrastructural growth. Foreign direct investment (FDI) is a process of direct investment into production or business in a country by an individual or company of another country, either by buying a company in the target country or by expanding the operations of an existing business. The ......
  • China Specialty Insurance Market by Manufacturers, Regions (Province), Type and Application, Forecast to 2022
    Published: 08-Dec-2017        Price: US 4480 Onwards        Pages: 116
    There is no standard definition for specialty insurance, in this report, specialty insurance includes high-hazard insurance, non-standard general insurance, niche market segments, bespoke underwriting, and excess and surplus lines insurance. Scope of the Report: This report focuses on the Specialty Insurance in China market, to split the market based on manufacturers, Regions (Province), type and application. Market Segment by Manufacturers, this report cover......
  • UK Pet Insurance: Distribution & Marketing 2017
    Published: 05-Dec-2017        Price: US 1295 Onwards        Pages: 40
    UK Pet Insurance: Distribution & Marketing 2017 Summary "UK Pet Insurance: Distribution & Marketing 2017", explores consumer purchasing behavior and how consumer preferences are changing over time. The report discovers what is most influential to customers when purchasing a policy and also reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the market over the next few years.......
  • Global Cyber Insurance Market by Manufacturers, Countries, Type and Application, Forecast to 2022
    Published: 04-Dec-2017        Price: US 3480 Onwards        Pages: 116
    Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruc......
  • Asia-Pacific Pet Insurance Market by Manufacturers, Regions, Type and Application, Forecast to 2022
    Published: 30-Nov-2017        Price: US 4480 Onwards        Pages: 121
    Pet Insurance is ... Scope of the Report: This report focuses on the Pet Insurance in Asia-Pacific market, especially in China, Japan, Korea, Taiwan, Southeast Asia, India and Australia. This report categorizes the market based on manufacturers, countries/Regions, type and application. Market Segment by Manufacturers, this report covers - Petplan UK (Allianz) (UK) - Nationwide (US) - Trupanion (US) - Petplan NorthAmerica (Allianz) ......
  • UK Private Motor Insurance: Distribution & Marketing 2017
    Published: 28-Nov-2017        Price: US 1295 Onwards        Pages: 38
    Summary "UK Private Motor Insurance: Distribution & Marketing 2017", explores consumer purchasing behavior and how consumer preferences are changing over time. This report discovers what is most influential to customers when purchasing a policy, and also reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the private motor insurance market over the next few ye......
  • UK Travel Insurance: Distribution and Marketing 2017
    Published: 27-Nov-2017        Price: US 1295 Onwards        Pages: 34
    Summary "UK Travel Insurance: Distribution and Marketing 2017", report explores consumer purchasing behavior and how consumer preferences are changing over time. It explores what is most influential to customers when purchasing a policy and also reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the travel market over the next few years. Customers are now utilizing a vari......
  • Global Travel Insurance Market Size, Status and Forecast 2022
    Published: 27-Nov-2017        Price: US 3300 Onwards        Pages: 105
    This report studies the global Travel Insurance market, analyzes and researches the Travel Insurance development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market, like - Allianz - Munich Re Group - AIG - Assicurazioni Generali - Prudential - ACE&Chubb - Manulife - UnitedHealthcare Global - Mapfre - AXA - Tokio Marine Holdings ......
  • SERVICES
    Value for Money
    We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.
    Ever Growing Inventory
    Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.
    One Stop Solution
    Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? RnRMarketResearch.com is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.
    Dedicated Client Engagement
    Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.
    Saving Time and Efforts
    Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.
    Payment Flexibility
    Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.
    Post-Purchase Research Support
    Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The RnRMarketResearch.com team is here for you 24X7 to support you with your post-purchase requirements. Subscription Offers & Packages (Get in touch with us for more details - sales@rnrmarketresearch.com / +1 888 391 5441 )
    • Ad Hoc
    • Pay - as - you - go / Bucket Subscriptions
    • Fixed Cost for #of reports
    • Customize / Personalize as per your needs