Insurtech Opportunities

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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
Technology
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
Underwriting
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.

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Contents

Benefits of blockchain

Catastrophe Swaps and Bonds

Cross-insurance interaction

Asset Registries and Data Provenance

Onboarding / KYC

Insurance with IOT / sensors

Real-time insurance for the sharing economy

Underwriting