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Evolution or revolution – either way, blockchain will bring advantages for the insurance sector

Evolution or revolution

“Business as usual” has long been a thing of the past for most industries. Disruptive technologies are revolutionizing value chains and can even create new client needs. Until recently, the financial services industry watched these developments relatively passively as they seemed to concern mostly physical products and services, such as offered by the retail, tourism or mobility industries. In the meantime, however, digitalization and data management have also seemed to catch up with the financial service industry. The new kid on the block is called blockchain. Big banks are investing in this new technology, insurers are researching it, task forces are created to think about it and investors see in this technology a very promising investment. In a very short time, the well-known exponents of the financial industry have created global initiatives that are looking into the possible uses of this new technology. While it is still early days to make a final statement, the current status of developments indicate that blockchain will add significant value to the insurance sector.

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Director, Head Insurance Advisory

KPMG Switzerland

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