Insurtech Opportunities

Benefits of blockchain

  • Reduce costs with automation
  • Decrease risks with better data
  • Improve customer service through trust and transparency
  • Power up new products and channels

Use case conditions

  • Involves multiple parties
  • Involves new intermediaries
  • No need for a central trusted authority for executing various transactions
  • Accurate record of the date and time of each transaction needs to be captured
  • Retroactive manipulation of data is not encouraged
  • Multiple uses of the same data is possible by different stakeholders


Public Network Challenges

  • Undefined legal status
  • Reputation in regards to unlawful uses (e.g. ML, black market)
  • Hacks and scams
  • Scaling
  • Volatility of rates and fees

Private / Permissioned

  • Registries (real estate)
  • Supply Chains
  • CrossBank operations
  • Distribution (energy, sharing economy)

Case Studies

Case Management

  • Simplified and / or automated claim submission
  • Enhanced customer experience
  • Automated claim processing
  • Reduction in fraudulent claims
  • Integrated data resources
  • Streamlined payment process

Catastrophe Swaps and Bonds

Example: Symbiont

Cross-insurance interaction

A blockchain ledger could provide insight and notification if one of those reinsurers then tried to offload some of its portion to a subsidiary of the other reinsurer. It also would help insurers gain confidence that, as they pay out claims, they are appropriately rebalancing their capital exposures against specific risks.
At minimum, global insurers can use blockchain to cut asset management costs by reducing the hedging fees they pay to protect themselves from currency fluctuations in international transactions.
B3i Services AG’s purpose is to provide insurance solutions on a blockchain platform that substantially improves efficiency across the value chain of the re/insurance industry — in some cases up to 30 percent, said B3i Services in a statement.
Examples: B3I, iXledger

Asset Registries and Data Provenance

Global, digital ledger that provides audit trail for valuable assets throughout their lifetime journey. This digital incarnation, or thumbprint, is used by various stakeholders across a supply chain pipeline to form provenance and verify authenticity.
Started with diamonds. Can be used for tokenized assets (like real estate).
Example: Everledger

Onboarding / KYC

Use blockchain for onboarding of new customers or verification of policy holders identity. Brings reduced admin cost and speed-up process for onboarding

Insurance with IOT / sensors

Smart contracts can automate certain aspects of insurance contracts, driven by cognitive services and trusted Internet of Things (IoT) data feeds. E.g. Vehicle insurance costs can differ on the performance of the driver.
Can be used for:
  • Medical sensors data (ambiotex)
  • Agriculture

Real-time insurance for the sharing economy

The emergence of the sharing economy, exemplified by companies such as Uber and Airbnb, has created the opportunity for new, dynamic insurance products that address the challenges inherent in leveraging personal assets for commercial purposes.
Example: SafeShare


Non-underwritten products—tightly integrated with the blockchain for policy administration, claim handling, and ultimately payment—reduce overheads at nearly every point in an insurance company’s operations, resulting in the potential for significant margin growth in even the most mature markets.