In this edition of WRIN.tv’s Tech Trends in Insurance, The Institutes President and CEO Peter Miller describes the way Blockchain will change the business of insurance in the future. “It is the plumbing.”

Blockchain has the potential to reduce costs, decrease transaction time, improve customer service, enable new product development and affect better financial results – the impact is significant and widespread.

While blockchain is likely to affect the entire insurance value chain, The Institutes has developed four use cases where blockchain is likely to have the biggest impact, including subrogation, first notice of loss, proof of insurance and risk registries.

Mr. Miller details how blockchain might be used in settlements of subrogation issues, and sees data from sensors in the Internet of Things (IoT) triggering actions on the part of insurers, including claims adjusting, fraud prevention, and weather-related parametric insurance.

The Institutes has set up a not-for-profit to build the industry’s blockchain. As a neutral third-party owned by the insurance industry, any company that is part of The Institutes’ consortia can use its blockchain. The Institutes Blockchain (RiskBlock) Alliance includes some 50 companies now working on four proof of concepts, one to be production-ready by December 2017/January 2018. Other blockchain products will be available throughout 2018.

For more information on blockchain in the insurance industry, visit in The Institutes RiskBlock Alliance website.

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