PwC, Z/Yen to study blockchain’s potential in wholesale insurance

PwC Embankment Place 3, London

Global professional services firm PwC announced Monday the launch of a research project examining the potential of blockchain technology in wholesale insurance.

The company said in a press release it is working with Z/Yen, a London-based think-tank, to round up a group of wholesale brokers, insurers and re-insurers to develop a common view on the prospective benefits blockchain could bring to the industry.

The initiative entails an international survey of the sector and interviews with prominent thinkers worldwide. The team overseeing the project will determine priority business “use cases” and create a roadmap for future developments. The study will be used to gauge current thinking and explore the possibility for “mutual” or consortium research into taxonomies and standards for the insurance sector.

PwC said the research and a working Proof of Concept prototypes will launch in July.

As sponsor of the research, PwC said it will collaborate with Z/Yen to co-develop the report and use its new blockchain research lab in Belfast to create the prototype Proof of Concept technology.

PwC partner Steve Web, who heads the firm’s blockchain practice in the UK, said in the press release:

“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.”

Image via Press Room on PwC’s website