Advisory firm PwC has announced the release of its new report, titled ‘Chain Reaction: How Blockchain Technology might transform wholesale insurance‘. Within this report the rise of new technologies in the FS sector, along with the potential impact of FinTech on market players and their attitudes to the latest technological developments, is assessed. In addition, it offers strategic responses to the situation. The report, conducted by Z/Yen, used information gathered from over 50 interviews with global brokers, insurers, reinsurers, regulators and trade bodies and set out the potential use cases for blockchain in wholesale insurance.
In particular the report noted some areas that will be disrupted, including consumer banking, fund transfer and payments highlighted as the sectors most likely to be affected over the next five years. Additionally, a second area making inroads in the asset management and insurance sectors was detailed. Part of the reason that decentralised services were finding favour was suggested as being linked to customers becoming used to the digital experience offered by companies such as Google, Amazon, Facebook and Apple – they expect the same level of customer experience, such as accessibility, convenience and tailored products, from their financial services providers.