This is a useful article to provide an overview of what blockchain might mean for the insurance market. Surely blockchain would have wider applications in our market, such as verifying insurable assets and risk mitigation. It will be interesting to see where we are with blockchain in a year's time!
According to a report published by PwC on how blockchain technology would impact the industry, insurers are enthusiastic to see how the technology would improve placement procedures, the management of claims, and contract processes. The technology could also help minimise the number of fraudulent cases reported each year, especially in regard to the claims environment.