Chain Reaction : How Blockchain Technology Might Transform Wholesale Insurance

The goal of this study was to review the wholesale insurance market in order to understand major business processes, to identify where there are perceived problems or inefficiencies, and to analyse where the new technology of block-chain can provide part of a solution.This study aims to contribute to building a consensus across the industry by involving a wide range of market participants though interviews and a project workshop. This included direct industry entities such as brokers, underwriters, insurers, re-insurers, and specialists such as mutual insurers, and supporting organisations such as trade bodies, regulators, standard setters, and wholesale markets such as Lloyd's.The purpose of the study is to identify practical uses for block-chain technology in wholesale insurance. Practical means having high value to individual firms and relatively low barriers to implementation, without requiring widespread industry consensus or regulatory change