Choosing Blockchain Use Cases in Insurance

“Guiding the Hammer Toward the Real Nails”

Key research questions:

  • What evaluation criteria should be used for DLT use cases?
  • How do specific use cases profile against the evaluation criteria?
  • What should be the next steps in DLT development for insurers?

New York, NY (Sept. 16, 2016) – Celent has released a new report, Choosing Blockchain Use Cases in Insurance: Guiding the Hammer Toward the Real Nails, by Mike Fitzgerald, senior analyst in Celent’s insurance practice.

The report discusses the fact that, as with any promising, new technology, distributed ledger technology (DLT), also known as blockchain, is often discussed in terms of being a proverbial “hammer” for many solutions, which in turn look like nails. The fact is that many potential applications under review can be built on a number of different platforms.

This report provides insurers with a tool to evaluate DLT solutions and identify those that are most suitable and have the greatest potential for return. Celent, in collaboration with Pascal Bouvier of Santander Innoventures, analyzes four insurance-specific use cases against six evaluation criteria to demonstrate the various considerations to use when prioritizing early efforts.

“Insurers are encouraged to conduct tests that can increase their understanding of the implications of the technology for their firm,” says Fitzgerald. “But there are important considerations, specific to DLT use, in selecting a proof-of-concept effort. Ignoring these increases the risk of a failure.”

The report also forecasts expected developments in DLT in the short to medium term (one to three years). This 22-page report contains four figures and seven tables.

Click here for the table of contents or to purchase the report from Celent.

About Celent

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies (NYSE: MMC).

Source: Celent