Blockchain is already enabling huge changes in the worlds of finance, food safety, logistics and healthcare management. Through its creation of a shared and unchangeable record of data and decisions, with a clear audit trail, it also has the potential to significantly benefit the insurance industry:

• the expense ratio can benefit from streamlined workflows including through reducing mirrored processes, reconciliations and disputes;
• the loss ratio can benefit from reduced fraud and better pricing of risk; and
• the top line can benefit in many ways, for example through creating new assets that require insuring and new ways of enabling payments, such as through cryptocurrency or parametric payout triggers with smart contracts.

All of this can help reduce premiums, facilitate new products and – above all – enhance the insurance experience for all stakeholders.