How does blockchain work for insurers?

Blockchain is an emerging technology that people in every industry are becoming more familiar with, and yet, the perception still exists that blockchain is more theory than reality. Blockchain is the technology upon which a validated and shared record of transactions and/or events is based and which, together with widely accepted technologies for data capture and analysis, offers itself as a decisive platform for generating value in the insurance sector.

In this report, Milliman consultants José Silveiro and Ruben Nova explain blockchain technology, together with some of its current uses. They also present an example of an insurance product that could benefit from this technology, with the aim of providing some context for the aspects to consider when launching a prototype.

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