Blockchain is a hot topic in financial services. Many predict that it will radically change the insurance industry. While it’s early days yet, and insurers are still exploring the technology, there’s a sense of urgency to prepare for rapid adoption—if the code is cracked, insurance companies that are not prepared to pivot quickly to adopt blockchain technology may risk missing out on big opportunities or, worse, become irrelevant.

In this report, Accenture looks at how insurers can prepare for rapid blockchain adoption. It describes three models for leveraging distributed ledger technology and considerations for successful adoption.

33%

Of insurers are planning to use blockchain in the next two years

36%

Of insurers have it on their agendas

Prepare for rapid blockchain adoption

Blockchain technology is emerging but the potential value for insurers is great. To prepare for mainstream adoption, insurers should develop a comprehensive road map from awareness to prototyping to implementation and scaling.

Discover

6 months

  • Identify blockchain advocates
  • Identify potential use cases
  • Build enterprise-wide buy-in

Explore

1 year

  • Initiate proof of concept and build prototypes
  • Identify business partners
  • Validate business case for expansion of blockchain

Assess and scale

3 years

  • Assess state of industry and blockchain business case
  • Expand partner/customer ecosystem
  • Integrate blockchain into a core system/capability

Future

3+ years

  • Become blockchain-native
  • Establish blockchain as a standard technology requirement for IT development

View All

Idris Badru

Manager – Financial Services Technology Advisory


Brian Drimer

Manager – Insurance, Management Consulting


Joe Nurre

Manager – Insurance, Management Consulting

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