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.
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.