Blockchain Gaining Momentum in The Insurance Industry

New SMA report tracks insurer strategies, projects, investments, and InsurTech startups

Boston, MA (Nov. 11, 2016) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report: Blockchain in Insurance: Insurer Progress and Plans. This research report quantifies what is actually occurring in the industry for the property/casualty and life/annuity segments. The strategies, pilots, investments, InsurTech companies, and specific uses cases are documented based on new SMA research.

“Blockchain will play a vital role in the insurance industry of the future,” said Mark Breading, SMA Partner and author of the report. “Industry awareness has been building and a variety of projects and initiatives are now underway. We expect the usage of the technology accelerate significantly after an experimentation period of 2-3 years.”

Research findings include the following:

  • More than half of the P&C insurers surveyed are at least aware of the implications and potential of blockchain, while only 1 in 4 L&A insurers are aware of the tech and its potential.
  • L&A insurers cite exchange of sensitive documents with customers as the number one potential use case, while P&C insurers see high potential for micro-insurance and several other cases.
  • P&C insurers are most actively pursuing blockchain, with 12% developing strategies, and 12% moving to pilot/experimentation status.

“There is a wide variety of potential use cases for blockchain in insurance, ranging from applications that improve operational efficiencies to those that enable new products and new business models,” said Breading.

Insurers, technology solution providers, InsurTech companies, venture capital firms, agencies, and media that are interested in learning more should contact Mark Breading at mbreading@strategymeetsaction.com or 614.562.8310.

Understanding of blockchain technology in insurance

Insurers interested in 2017 Technology Strategies and Plans are invited to participate in an SMA survey and be entered into a drawing for an Ecobee Smart Thermostat.

About SMA

Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.

SOURCE: Strategy Meets Action (SMA)