PwC to explore blockchain tech for wholesale insurance

PwC has partnered with commercial think-tank Z/Yen to explore the potential of blockchain technology in wholesale insurance.

The research project will be a collaborative exercise working with the Long Finance community, bringing together a range of wholesale brokers, insurers and re-insurers to create a common view of the potential benefits that blockchain could bring.

PwC and Z/Yen will conduct a global survey of the industry and interview leading thinkers around the world, while identifying priority business ‘use cases’ and developing a roadmap for future developments.

The study will be used to assess current thinking and explore the potential for ‘mutual’ or consortium research into taxonomies and standards for the insurance industry, said Z/Yen.

As sponsor of the study PwC will work with Z/Yen to co-develop the report and will utilise its newly established blockchain research laboratory in Belfast to develop the prototype proof of concept technology.

Steve Webb, PwC partner, leader of the UK’s financial services blockchain practice, said: "With a new technology like blockchain it's fundamental that you work in an agile way to prove that the technologies not only work, but provide the right solutions to specific business problems.

“Businesses need to build, learn from mistakes refine and improve. PwC's Belfast laboratory team are experts in this way of working and, by working alongside PwC insurance experts and the Z/Yen team, we are confident and excited that we will be able to unveil a working prototype alongside the written report."