53% of insurers not planning blockchain

Friss, the insurance fraud analytics company, recently conducted a technology survey amongst Property and Casualty insurers. So far only 2% of insurers are already using blockchain, with 21% considering starting a project in the next twelve months. 53% will not be starting an initiative in the next year, with the balance unsure.

Blockchain projects are live

The two percent figure is unsurprising. There are very few projects that are currently live. The ones that have launched include Axa’s flight insurance, the EY/Guardtime marine insurance platform, and Nationwide’s proof of insurance. MetLife has their gestational diabetes initiative in pilot phase. Plus a handful of startups are live such as Etherisc. However, there is some lower profile activity, particularly where insurers have integrated with third-party blockchains. One example is trade finance insurance. Another is captive insurance which is by definition more private.

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