Editorial Rating

8

Recommendation

The potential advantages of blockchain – along with its capacity for disruption – have attracted the attention of the financial services industry, and the insurance sector is no exception. In this succinct summary, professionals with the Boston Consulting Group spell out the pros and cons of the technology for the insurance sector. Can insurers get past their reluctance to share data to benefit from blockchain? getAbstract recommends this expert overview to insurance executives and technology managers.

Summary

Insurers have been looking for a better way to process the vast amounts of information they accumulate. Some firms are looking to blockchain as a possible answer. The technology could cut costs and add at least $200 billion to the margins of global property and casualty insurers. The technology offers the insurance industry seven advantages:

  1. Participants can keep an eye on assets through a single portal.
  2. Blockchain provides a permanent, unchangeable record.
  3. It enables secure recordkeeping, with data available only to approved parties.
  4. Blockchains...

About the Authors

Roberto Bosisio et al. are senior executives with the Boston Consulting Group.


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