PwC to Use Blockchain Technology in Wholesale Insurance

The PwC (PricewaterhouseCoopers) company, one of the Big Four accounting giants providing audit and assurance, tax and consulting services, has reportedly incorporated together with Z / Yen commercial research center that promotes societal advancement through better finance and technology, to have a global study devoted to the potential of blockchain technology in wholesale insurance.

New Program to Be Started in July 2016

The two companies are planning to examine the current state of the insurance market, identify the most perspective ways of blockchain technology usage and finally create a “roadmap” for its further research. Along with the theoretical part of the study, there is going to be some scrupulous work on the practical application of a blockchain prototype for wholesale insurance. According to Z/Yen press release, the research group would encourage a big amount of insurers, re-insurers, and wholesale brokers to identify how beneficial the blockchain technology can be against other types of a distributed ledger. The program, which is about to get started in the beginning of this July, would also include a global survey of the insurance industry.

Modernized Approach to Keeping Data

The PricewaterhouseCoopers Company seems to demonstrate the great interest in the technology of blockchain distributed ledger technology – in January 2016, the PwC has even partnered up with Blockstream major blockchain technology developer, focused on developing bitcoin applications specifically sidechains, as well as other applications.

As reported by CNN this February, collaborators have a strong intention “bring blockchain technology and services to companies around the world”.

PwC hopes their clients would receive the best and most certified access to blockchain technologies as this is something to mark the next step in business process/optimization technology. In the new report released in March 2016 and dedicated to its volumetric analysis, the PwC titled blockchain as once-in-a-decade chance still underestimated by many insurance companies.

Not for vain: the report notes that blockchain technology is the combination of cryptographic, mathematical and economic principles to help the user’s database remain unchanged and free of the third party intervention.

Insurance Related:

PwC Ready to Sponsor the Project

The joint project is expected to be sponsored by PwC company, at the same time the co-author of the project’s final report, and therefore the research will take place at PwC Belfast laboratory (the announcement about its opening was this January), where researchers will work on creating and developing the first blockchain prototype for the insurance industry.

When we talk about technologies as blockchain, it’s more than necessary to work in an agile way to prove those technologies not only work but rather focus on how they provide the right solutions to specific business problems. Companies and businesses have to always make up something new, analyze what they might have done wrong and surely make improvements.

PwC blockchain laboratories in Belfast truly hold one of the best blockchain technology experts, and we feel quite confident to cooperate with PwC company and the Z / Yen team particularly in the insurance industry. Those are people with whom we’ll be able to easily unveil our working prototype, and conduct the written report” – commented the PwC partner Steve Webb, who leads the U.K.’s financial services blockchain practice.

Wholesale Insurance as Major Financial Sector

As reported by PwC blog, so far wholesale insurance is considered the major financial sector holding clients from both commerce and government, such as agents, actuaries, brokers, underwriters, mutual managers, claims handlers, reinsurers, and captives. The new blockchain technology could seriously influence the work of the wholesale insurance industry by reducing manual efforts and speeding up interactions between parties.