The opportunities for insurers to adopt a blockchain-based solution continues to receive attention. This article explores several, albeit mainly in the consumer space but with recognition that the specialist lines arena provides great potential.
Early stage investors and entrepreneurs make their money when something moves from bleeding edge (lots of technical risk) to leading edge (market and team risk). Blockchain in Insurance is currently at this intersection, which is why we see so much interest in the subject. The technical risk is lessening every day (there is always some technical risk) but there is still a lot of market risk. We are seeing a lot of Proof Of Concept (POC) projects and lots of Minimum Viable Products (MVP), but as yet very little Product Market Fit (PMF). There is lots of good theory on why these MVPs should get to PMF, but there is as yet very little actual proof from the market