Digital insurance: Blockchain buzz

Given the continuous chatter surrounding blockchain, isn’t it about time more insurers used the distributed ledger system?

It’s a buzz word that’s been reverberating around the offices of many insurance companies but blockchain remains a grey area for most who work in the industry. A PWC survey found that 56% of insurers recognise the potential benefits of using blockchain in their company but 57% admit they don’t know how to respond to the opportunity.

The mutual distributed ledger system has the potential to revolutionise the way insurers exchange information and carry out transactions. It also has the potential to reduce costs and manual effort in the interactions between parties in the insurance market.

Post’s article sheds light on the characteristics of blockchain and the benefits for insurers.