Understanding blockchain for insurance use cases 

Authors 

D. Popovic, C. Avis, M. Byrne, C. Cheung, M. Donovan, Y. Flynn, C. Fothergill, Z. Hosseinzadeh, Z. Lim*, J. Shah 

Abstract 

Insurance industry practitioners have deep knowledge of their industry but there is a lack of a simpleto-understand, practical blueprint on applying distributed ledger technology (DLT) solutions, including blockchain. This paper provides a practical guide for actuaries, risk professionals, insurance companies and their Boards on blockchain, including an education piece to provide an understanding of the technology. Examples of real-world applications and use cases in insurance are provided to illustrate the capability of the technology. The current risks and challenges in adopting the technology are also considered. Finally, a checklist of issues to consider in adopting a blockchain solution for insurance business problems is provided. 

Keywords Blockchain; Distributed ledger technology; InsurTech; Insurance blockchain use cases; Risk management; ERM framework