Guidebook for Blockchain Adoption in Insurance: A Compilation of Insights from 30+ Projects

25 Mar 2019
by Ronak Doshi, Aaditya Jain, Rahbare Islam Nayyer

Insurance industry is adopting blockchain technology as a lever to redefine processes and improve efficiency. It has witnessed adoption of multiple use cases such as broker-insurance marketplace, claims tracking, and customer data management. The industry is witnessing a phasing out of the hype that has surrounded blockchain technology, which is allowing real enterprise blockchain use cases with pragmatic business value to see the light of the day. Some of these use cases have started to show early signs of blockchain business value realization. Enterprise investments in blockchain technology were at an all-time high in 2018 and we expect it to more than double in 2019.

In this report, we have analyzed 30+ blockchain case studies to identify the blockchain adoption journey in the insurance industry. We have identified and listed down 10+ use cases across insurance industry to bring out proof points of blockchain adoption. This report suggests that insurers will need to partner with blockchain ecosystems to scale beyond POCs.

This report will provide a roadmap for blockchain adoption to insurance enterprises executives leading blockchain initiatives. It will guide them to extract maximum value by studying current value delivered and build pragmatic hypothesis on potential value. It will demystify the blockchain technology landscape and help identify the right set of partners for the business use case. This report also highlights the challenges that insurers face along their blockchain adoption journey and the ways to overcome some of them.

CONTENT

  • Everest Group "BINGO" framework for blockchain adoption
    • B: Business value articulation
    • I: Invest in the right use case
    • N: Network effect for scaling blockchain
    • G: Guide to technology investments
    • O: Overcome challenges
  • Blockchain use case compendium

Membership(s)

Insurance - IT Services (ITS)

 

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