A most recent ground breaking innovation of 21st century is Blockchain. The banking and financial services industries have already proposed several use cases for this technology. Will it also have significant impact on Insurance Industry? What will be the extent of this impact?
Blockchain has huge process-efficiency and cost-savings potential that spans the entire insurance value chain. In addition to improving these existing insurance operations, blockchain technology is inspiring industry innovations such as decentralized autonomous organizations, event-based insurance, index-based insurance, and peer-to-peer insurance.
This whitepaper aims to explore insurance business processes, operations and innovations that blockchain technology may impact, now and in the future.