PwC to Study Blockchain Technology for Wholesale Insurance

PriceWaterhouseCoopers (PwC), a provider of audit and assurance, tax and consulting services, has teamed with Z/Yen, a London-based commercial think-tank that promotes societal advancement through better finance and technology, to study the potential of blockchain technology in wholesale insurance. The two companies will tap a range of insurers, re-insurers, and wholesale brokers to develop a view of distributed ledger technology’s potential benefits, Z/Yen noted in a press release. The project will include a global survey of the insurance industry. Identifying Business Use Cases. The team....

Professional services giant PwC is to launch a research project that will investigate the potential of blockchain tech in the wholesale insurance industry through a survey and proof-of-concept prototype. The proposed study will be a collaboration between PwC – which is sponsoring the project – and the Z/Yen think tank's Long Finance initiative. According to a statement from Z/Yen, the work will bring together industry stakeholders including wholesale brokers, insurers and re-insurers to create "a common view of the potential benefits that blockchain could bring". The think tank....

An insurance and reinsurance industry trade organization headquartered in the UK is launching a new blockchain research project. The London Market Group has announced that it will investigate the use of smart contracts and blockchain for potential applications in the wholesale insurance market. Members of the trade organization include representatives from major firms like Allianz, AIG and Lloyd’s. The organization is working with research outfit Z/Yen on the initiative, which according to statements seeks “to create a common view of the potential benefits that smart contracts could....

Five insurance giants, Aegon, Allianz, Munich Re, Swiss Re and Zurich, which in combination manage trillions of dollars in assets, have launched a blockchain initiative B3i to study the feasibility of the use of blockchain technology for insurance and to launch a blockchain based insurance proof of concept. “We are thrilled that Allianz is investigating emerging technologies such as Blockchain together with other key insurance industry players”, said Christof Mascher, Chief Operating Officer of Allianz Group. “This initiative, enabling alternative operating models based on the Blockchain....

The blockchain technology has now entered the insurance sector, making it possible for the insurance companies to offer policies to suit the customers' needs. The use of blockchain technology in insurance sector is something relatively new. London, the fintech destination of Europe is the first one to explore the potential uses of distributed technology in the insurance industry. The Capital of England already has a couple of companies who have already implemented it into their offerings. The blockchain is known for its transparency, security, immutability and reliability. All the....