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Blockchain Offers Disruption, Opportunity for Insurers

Staff Writer | November 21, 2016

When Novarica published its 2015 report on blockchain, the concept had not yet become relevant to the insurance industry. One year later, blockchain has become the enterprise equivalent of a household name. In its latest executive brief, Novarica predicts the technology will have a significant long-term impact on insurers across the board.

"While it's too early to say whether blockchain will have a fundamental impact on how insurers do business, you can be confident that it will become an important platform for some lines in the near future," says Jeff Goldberg, vice president and co-author of Novarica's 2016 report on blockchain. "At its simplest level, blockchain is an open, distributed ledger system that is also secure and reliable. At a more fundamental level, we're talking about the automation of the most basic value proposition for insurers: trust."

The executive brief provides an introduction to the mechanisms underlying blockchain, an overview of existing use cases in the insurance industry, and a limited list of startups and established tech companies that will partner with insurance carriers to implement blockchain solutions.

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