PwC studies blockchain’s impact in group insurance

Rage Review : PricewaterhouseCoopers, one of the world's four largest accounting firms, announced that it will invest in a new research project, and Long Finance, a think tank of Z/Yen, will be responsible for investigating the impact of blockchain on group insurance. The survey subjects are insurance industry participants from all over the world, and are committed to unifying the understanding of blockchain in the insurance industry, determining the future development direction and key business use cases of blockchain in the insurance industry, and have important guiding significance for the future of the insurance industry.

Translation: Annie_Xu

Professional consulting giant PricewaterhouseCoopers (PwC) is preparing to launch a new research project to explore the impact of blockchain in group insurance business through surveys and proof-of-concept prototypes.

The project is being promoted in a collaborative way, with PwC as the sponsor and Long Finance, a think tank of Z/Yen, responsible for providing ideas. According to Z/Yen, the project will organize industry stakeholders, including group insurance brokers, insurance companies, and reinsurance companies, to reach a "unified view of the potential benefits of blockchain."

The think tank said it would work with PwC on the report, using the Big Four accounting firm’s new blockchain lab in Belfast to develop a proof of concept.

The research project involves a global industry survey to identify “key business use cases” and future directions for blockchain development.

Steve Webb

Participants hope that this research project can uncover current understanding of blockchain and help determine the potential for common standards research in the insurance industry. Steve Webb, partner at PwC, said:

"When it comes to new technologies like blockchain, the most important thing is to act quickly to prove that the technology is not only useful, but also that it can provide suitable solutions to specific business problems. Companies need to develop, summarize mistakes, refine and improve."

The research project and proof of concept are expected to be completed in July.