McKinsey Report Weighs Blockchain Impact on Insurance Industry
McKinsey & Company reports on how insurance companies might be able to capitalize on blockchain.
A recent report by management consultancy firm McKinsey & Company examines whether blockchain technology will have a positive or negative impact on the insurance industry.
The report, released earlier this month, noted that as many as 20 blockchain startups are focused on some aspect of the insurance market today.
McKinsey breaks down “the most promising insurance-related use cases” into three categories: enabling growth, increasing effectiveness, and reducing cost by automating key processes, all of which the report asserts could have a positive impact for insurance firms.
The report goes on to highlight potential threats, positing that network scalability, security, and a lack of industry standardization remain lingering issues.
The report concludes:
The full report can be found below:
Image of home via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.