Insurance

Blockchain and crypto assets – EIOPA report on relevance to the insurance sector

Colin Feely
By:
insight featured image
As part of its Digital Transformation Strategy, the European Insurance and Occupational Pensions Authority (EIOPA) has published a summary of its thoughts regarding the relevance of Blockchain and crypto assets to the insurance sector.
Contents

Subscribe to our mailing list

Update your subscriptions for Grant Thornton publications and events.

The report highlights examples of where these technologies can be used within the insurance value chain, including;

  • Client on-boarding: by using a Blockchain-enabled shared database, insurers can streamline and reduce the cost of their KYC/AML compliance.
  • Underwriting process: the use of Blockchain in the underwriting process could result in improvements in efficiency and cost reduction as a result of the inherent trust and transparency within Blockchain.
  • Development of new products and services such as completely decentralised P2P insurance or parametric insurance products.
  • Crypto assets can be used as a means of payment of insurance premiums or claims compensation in some jurisdictions. Some unit-linked life insurance products can also have crypto-assets as an underlying investment.

The full report can be accessed here