7 PwC Global InsurTech Report – 2017 Insurance is primed for blockchain adoption Blockchain is increasingly attracting the attention of Figure 4 Cuulatie blocchain a‚option in insurance participants. They are realising the competitive advantage that this technology could bring to the design of new products and What timeframe do you most likely expect your organisation to adopt blockchain as part of an in production systemžprocess? services with increased transparency, security and efficiency. While last year only 17% of insurance participants recognised n ˆnsurance blockchain as a very important innovation trend, half are now n ›ll financial services 100 exploring the technology in-house or are in the process of …… participating in some blockchain initiatives. ­ Going forward, a widespread adoption of blockchain technology ­ is anticipated in the insurance industry, with 68% of participants 77 7… expected to adopt blockchain as part of an in-production … system or process by 2018 (see Figure 4). This emphasises the importance of the technology and its many use cases, including: €7 (1) automated claims processes, which will deliver benefits to the customer while reducing costs; (2) streamlining data collection and payments, which can provide better visibility and controls for underwriting; and (3) the aggregation and 20 allocation of catastrophe risks or losses which would allow for better monitoring, understanding, and transparency of exposure 2 21 and claims processes. 2 ­ ­† ­ ­Ÿ ­­ ­­ €ource‚ ƒw„ …lobal FinTech €urvey ­†‡ ˆnsurance €ector ƒarticipants