PwC and Z/Yen to develop insurance proof-of-concept using new blockchain lab

Professional services giant PricewaterhouseCoopers (PwC) is to launch a research project aimed at investigating the potential application of blockchain technology in the wholesale insurance industry through a study and a proof-of-concept.

The proposed study will be conducted jointly by PwC (which is sponsoring the project) and the Z/Yen think tank’s long-term funding initiative. According to a Z/Yen statement, the work will bring together industry stakeholders, including wholesale agents, insurers and reinsurers, to create “a common view” on the potential benefits that blockchain could bring.

The think tank said it will work with PwC to develop a proof of concept using the 'Big Four' audit firm's new blockchain research lab in Belfast. It is worth mentioning that Deloitte, also one of the 'Big Four' audit firms, has also established a blockchain lab in Ireland.

According to a statement from Z/Yen, the global industry survey study aims to identify ‘priority blockchain business use cases’ as well as develop a roadmap for future blockchain development.

Participants hope the study will provide insight into the industry’s current thinking on blockchain technology and help identify the possibility of joint research into insurance industry standards.

Steve Webb, Partner at PwC said:

“When using new technology like blockchain, you need to be able to demonstrate in an agile way that the technology not only works but also provides the right solution to a specific business problem.”

He also said:

“Businesses need to build, learn, improve and enhance from their mistakes.”