Understanding blockchain for insurance use cases. (2020)

• Record Type: Journal Article
• Authors: Popovic, D.; Avis, C.; Byrne, M.; Cheung, C.; Donovan, M.; Flynn, Y.; Fothergill, C.; Hosseinzadeh, Z.; Lim, Z.; Shah, J.
• Is Part Of: British actuarial journal. Volume 25(2020)
• Publication Date: 2020
• Subjects: Blockchain, -- Distributed Ledger Technology, -- InsurTech, -- Insurance Blockchain Use Cases, -- Risk Management, -- ERM Framework; Actuarial science -- Periodicals; Insurance, Life -- Periodicals; Periodicals; Periodicals; 368.010941
• DOI: 10.1017/S1357321720000148
• Languages: English
• ISSNs: 1357-3217

Abstract

Abstract: Insurance industry practitioners have deep knowledge of their industry, but there is a lack of a simple-to-understand, practical blueprint on applying distributed ledger technology 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.