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Understanding blockchain for insurance use cases

Author

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

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.

Suggested Citation

  • Popovic, D. & Avis, C. & Byrne, M. & Cheung, C. & Donovan, M. & Flynn, Y. & Fothergill, C. & Hosseinzadeh, Z. & Lim, Z. & Shah, J., 2020. "Understanding blockchain for insurance use cases," British Actuarial Journal, Cambridge University Press, vol. 25, pages 1-1, January.
    • Handle: RePEc:cup:bracjl:v:25:y:2020:i::p:-_13
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