Choosing Blockchain Use Cases in Insurance: Guiding the Hammer Toward the Real Nails
Celent has released a report titled Choosing Blockchain Use Cases in Insurance: Guiding the Hammer Toward the Real Nails. The report was written 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.