Innovation Project Summary Glimpse

Blockchain & Insurance

The objective of this initial project was to begin the Blockchain Journey and see where our collective ideas can take us.

4
Weeks
8
Members

Toronto
2017
MAY - JUN
3
Use Cases
logo-cycle

PROBLEM

What is Blockchain and how can it be used to improve insurance?

Blockchain, is a transparent secure chronological public ledger. 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.

WHY?

SWOT for Blockchain

STRENGTHS
  • Transparent
  • Trusted
  • Decentralized
  • Distributed
  • Departure from legacy systems
  • Smart contract capabilities
  • Disintermediation
Weaknesses
  • Learning curve of new technology
  • Little to no adaptation in current market
  • Privacy/cyber security concerns
  • Challenge integrating multiple private Blockchains
  • Lack of industry standards for development and necessary user interfaces to access Blockchain
Opportunities
  • Store and manage big data
  • Facilitates commerce without developed infrastructure
  • Elimination of intermediaries
  • Insurance transactions conducted without traditional claims infrastructure using smart contracts
  • Insurance product design and accessible pricing models
Threats
  • Negative public perception
  • Overly burdensome or misplaced regulation
  • Traditional resistance in society to change and transformation
Flexible membership optons
icon-4
LEARN MORE

Discovery

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

blockchain

USE CASES

Over the 4-week project period, the project team developed a comprehensive list of 34 Blockchain use cases, and created a selection criteria to determine the top three use case categories among them.

1

AUTOMATED INSURANCE PRODUCTS / CLAIMS PAYMENTS

Insurance companies coordinate the payment of claim with smart contract, automating the process from notification to payment.

blockchain_1

2

COMMUNICATION AND INTEGRATION

The Blockchain’s shared ledger provides permissioned parties, such as the contractor, insurers and reinsurers, with clear visibility to the characteristics of the risk and nancial information pertinent to bond issuance.

blockchain_2

3

INDUSTRY WIDE BLOCKCHAIN APPLICATIONS

Fine-tuned access control: Easy to pool data & restrict access to sensitive fields. High security/integrity of the data. Anti-fraud database. Broker/insurer platform for licensing requirements.

blockchain_3
Ready to innovate?
Join industry colleagues and peers around the globe and begin your collaboration and co-creation journey today!
Icon1
LEARN MORE

ESTIMATED IMPACT

An "everything in one place" experience where customers have all their insurance info in one place organized by care categories rather than products.

Positive behavior driven challenges and rewards to further protect the customer's insurance care items using daily used IoT-connected appliances.

Block5

Time saving

automated

Transactions can be triggered nearly immediately and reliably

Block6

Cost to serve

reduction

The efficient exchange of accurate information enable lower transaction fees

Block7

Human error

decrease

No need for human intervention and validation. Mistakes are less likely to happen

RESULTS

The Blockchain & Insurance project took place over four weeks at the Cookhouse Lab premises in Toronto, Canada.

15
Empathy Maps
6
Expert Presentations
34
Use Case Ideas
1
Selection Methodology
6
Selected Use Cases
3
Selected Categories
1
Innovation Report
3
Project Presentations
Become an annual member today
Gain access to full innovation reports, research papers, and more
LEARN MORE