IFRS Insights into IFRS 3 - Recognition principle
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.
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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.