Blockchain insurance platforms
Several start-ups have launched platforms that use blockchain to issue policies, record transactions and automate payments. The idea is that a shared ledger can reduce administration and make processes more transparent between insurers, brokers and reinsurers.
Potential applications include policy issuance, premium and claims payments, and automated parametric payouts triggered by agreed data sources.
Adoption has been slower than early enthusiasm suggested, because platforms must integrate with existing systems and meet regulatory requirements. Still, the concepts continue to influence how the industry thinks about data sharing. See also blockchain solutions in reinsurance.