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ARTICLE · 08 MAY 2017

Applying Blockchain To Insurance Contracts

Pinsent Masons
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ANALYSIS: Smart contracts and the use of blockchain can offer real benefits to the insurance industry including simplified, automated processes, increased standardisation and automatic...

United KingdomInsurance
Tim Roughton
Tim Roughton

ANALYSIS: Smart contracts and the use of blockchain can offer real benefits to the insurance industry including simplified, automated processes, increased standardisation and automatic, electronic execution.

We are now seeing consortia forming in the insurance sector to explore opportunities for the application of blockchain, distributed ledger technology and smart contracts. This makes commercial sense, as there are a number of features of distributed ledger technology which align with general shifts in the consumer insurance sector.

Blockchain-based insurance contracts could provide many practical benefits for the customer experience. Whilst this is good for an insurer's own brand, it may potentially also have the reciprocal benefit of assisting insurers in meeting the FCA's objectives of requiring good customer outcomes and treating customers fairly.

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