Blockchain is expected to change the world of insurance

Blockchain is a technology based on the existence of a global database that records transactions and dates, filing and distributing them over a network of computers called “nodes”.

It is completely secured, unchangeable and continuously available. It remains open for reading or writing but has no supervising entity and no actor is assigned to operate it as it is autonomous.

Nearly 200 startups produce solutions based on this technology whereas 10% of them apply to insurance.

Insurers are interested in this technology which would allow them to better know their customers, increase their commitments, provide new and more reliable products, create insurance plans based on connected objects, and improve their efficiency in terms of management and settlement of claims. Moreover, this technology will make it possible for insurers to reduce costs and better detect fraud.

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