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 new 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.
Blockchain technology is emerging but the potential value for insurers is great. To prepare for mainstream adoption, insurers should develop a comprehensive roadmap from awareness to prototyping to implementation and scaling.
Identify blockchain advocates
Identify potential use cases
Build enterprise-wide buy-in
Initiate proof of concept and build prototypes
Identify business partners
Validate business case for expansion of blockchain
Assess & Scale
Assess state of industry and blockchain business case
Expand partner/customer ecosystem
Integrate blockchain into a core system/capability
Establish blockchain as a standard technology requirement for IT development