Enterprise Blockchain Use Cases - Insurance Industry

Blockchain Dashboard - Insurance

Comprehensive coverage of blockchain action taking place in the insurance industry. Blockchain Projects, use cases, consortia, enterprises involved, executive decision makers, and benefits of blockchain adoption.

Blockchain Use Cases

Enterprises from the Insurance Industry are demonstrating strong confidence in the blockchain technology. Currently, these enterprises are testing this technology for more than 20 different use cases, some of which include, captive insurance management, marine insurance management, bancassurance, flight-delay insurance, premium payments, and motor insurance claims settlement, among others.

There are more than 50 enterprise blockchain projects underway across the globe. The adoption is well-spread among different categories – health insurance, life insurance, property and casualty insurance, travel insurance, and auto insurance.

Blockchain Projects

Countries where Insurance Blockchain Projects are Underway

The adoption of this technology within the insurance industry is well-spread across various geographic regions. Even as the companies from the Asian region seem more proactive, than their western counterparts, the United States remains the country with the maximum number of projects at 13.  

These projects are being executed by a mix of large system integrators, specialist blockchain vendors, consulting companies and in-house research teams at insurance companies. There is no clear template for engaging blockchain vendors yet, and different enterprises are using different combinations of Blockchain-as-a-Service (BaaS) providers, customized application developers, distributed application platforms (dApps), and inhouse IT teams.

Blockchain Technology and Consulting Vendors

Enterprises Involved in Blockchain Projects

More than 140 enterprises, government organizations, and regulators have come forward to test this new technology. Some of the key industry stakeholders involved in these projects include general, life, health, auto and marine insurance companies, regulators, banks, corporations seeking insurance, and insurance brokers.

These enterprise blockchain projects are helmed by senior executives that include a combination of business and technology decision-makers from enterprises as well as technology and consulting solution providers. Some of these executives include CEOs and Deputy CEOs, EVPs, CFOs, CIOs, Chief Digital Officers,  Managing Directors, Presidents, and Consulting Partners, among others.

Senior Decision Makers who are driving these Projects

Blockchain Consortia related to Insurance Industry

The urgency for blockchain adoption, within the insurance industry can also be underlined by the fact that five industry consortia have already been formed by industry participants, which also includes regulators. The formation of consortia will lead to faster and wider implementation of the use cases.

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