Blockchain-based technology offers potential use cases for insurers according to a recent report by McKinsey. The report, titled “Insurance and the Future of Money,” states that blockchain is being used in various industries including insurance, banking, financial services, and fintech, among others. While the technology is ready for exploration by insurers, the report suggests exploitation remains a long way off as to derive value, the distributed system depends on collaboration with competitors, suppliers, or others.
Blockchain-based technology offers potential use cases for insurers according to a recent report by McKinsey. While banking has dominated so far in terms of financial services blockchain innovation, the consultant identifies three categories among the most promising of 20 insurance use cases from blockchain start-ups; enabling growth, increasing effectiveness in fraud detection and pricing, and reducing cost by automatic key processes. While the technology is ready for exploration by insurers, the report suggests exploitation remains a long way off as to derive value, the distributed system depends on collaboration with competitors, suppliers, or others.