Nice thought re the insurance blockchain opportunity, it is definitely there, but more complex than in banking!
Policy, claims, and billing administration systems have not fundamentally changed since their inception. Yes, there have been technical improvements, but the basic model remains the same as originally designed – each insurer buys (or subscribes) to a version of code to use against their own database and (hopefully) integrate with external sources to service a client. This is about to change with the advent of Blockchain 2.0. With an appreciative nod to material developed by our parent company, Oliver Wyman, here is a brief summary of this technology (Celent subscribers will have access to a full report on this platform in the very near future):
