Initial Project Description:
It’s said Blockchain will have the same impact on global society as the internet. It will revolutionize payment processing. It will democratize banking for the globe. It will not just disrupt payment processing and financial services, but every sector of the world from politics to land title.
But, where will it impact our world of insurance first? Where should it? At the highest level you it is evident that Blockchain can impact all functions of the insurance industry and all lines of business. >> Read More
What is blockchain and how can it be used to improve insurance?
- Insurance Canada
- Manulife Financial
- Marsh & McLennan Companies
- Munich Re Canada
- Royal Sun Alliance (RSA)
- The Co-operators
We would like to extend our gratitude to those who came in and shared their knowledge with the team.
- Besurance Corporation
Project Highlights and Milestones:
The initial goals that were given to the team were to:
- Identify and prioritize customer and business pain-points across the insurance lifecycle
- Develop an understanding of blockchain including high-level technical functionalities, history, existing use cases and its potential future applications
Over the 4-week project period, the project team worked on achieving the above goals focusing on the problem statement.
Through various customer centric support activities based on Design Thinking Methodology, the project team developed a comprehensive list of blockchain use cases. The team then set their focus on creating selection criteria to determine the top three use cases.
Final MVP (Use Cases)
The project team developed three final use cases:
- Blockchain & Group Benefit Coordination
- Blockchain & Automated Travel Insurance
- Blockchain & Broker/Insurer Platform for Licensing Requirements
Details supporting the selection of the final three use cases can be found in the short presentation video above.