Insurance 2025: Smart Contracts - Insurance Thought Leadership

Insurers will replace multiple policies (with often-overlapping or gapped coverage) with a single risk-mitigation and claim-adjudication solution. Though use of these technologies in insurance applications is still in the early days, it is clear they will have profound impact on the industry. This paper will explore how these three transformative technologies might be woven together to create a single platform, enabling insurers to mitigate claim events, slash operating costs and improve the customer experience. Successfully implementing such a platform will require a significant change to the insurance business model. Insurers will expand their role beyond just that of a counterparty to whom risk is transferred and become a critical business partner providing operational, logistical, and business process services to their clients. IoT and sensor data provide granular data in real time on processes and conditions that were previously detectable only through post-production Q/A processes or manual checks.