Overview

Let’s reimagine the business of insurance together

Technological disruption has come to the insurance industry — and the smart risk management strategy is to embrace it. IBM Blockchain is helping the insurance industry radically transform operations by enabling faster verifiable data exchanges, visibility for all parties, and transactions underpinned by pervasive security and trust.

One example of transformation is openIDL, a network built on the IBM Blockchain Platform with the American Association of Insurance Services (AAIS). AAIS is automating insurance regulatory reporting and streamlining compliance requirements, and that’s improving efficiency and accuracy for both insurers and state insurance departments.

Benefits

Automate underwriting

Increase speed and cost efficiency with smart contracts.

Automate claims settlement

Cut costs with automated claim and data verification.

Reduce fraud and abuse

Prevent misuse with improved traceability and accountability.

What’s blockchain’s potential ROI in insurance?

Discover the positive impact Forrester says IBM Blockchain can have on your business. This report includes:

  • Blockchain technology and market overview
  • Financial model framework
  • Projecting new revenue and savings
  • Expanded economic impact and analysis of costs
  • Sample organization calculation and financial summary
Forrester report book cover for "Emerging Technology Projection: Total Economic Impact™ Of IBM Blockchain"

Blockchain for insurance use cases

Regulatory compliance in insurance

The American Association of Insurance Services is working with IBM to create an open blockchain network that streamlines regulatory reporting to provide new insights, while enhancing timeliness, accuracy and value for regulators.

Blockchain-based insurance policies

AIG and Standard Chartered have teamed with IBM Blockchain to create a new multinational insurance policy. Learn how they are working together to strengthen transparency, increase trust and reduce cost and friction.

Blockchain for proof of insurance

Global insurance broker Marsh transforms the proof of insurance process from complicated and manual to streamlined and transparent, enabling clients to speed up hiring contractors and transferring risk while increasing coverage certainty.

Schedule a free 1-on-1 consultation with a blockchain expert to discuss your business needs.

Blockchain services

Resources

What is blockchain technology?

Explore our guide to learn what blockchain technology is, how it works, and why businesses are adopting it to increase trust and transparency in their industries.

Blockchain for insurance blog posts

Find out how insurers are using blockchain to optimize risk assessments and protect against fraudulent claims through a verified and secure network.

Build a blockchain insurance app

Get a code pattern that shows you how to use IBM Blockchain Platform to implement a web-based blockchain app that facilitates insurance sales and claims.

Digital insurance solutions

Find out how emerging technologies and digital solutions such as blockchain, IoT, AI and cloud can help you to elevate the policyholder experience.

The benefits of blockchain in action

Enjoy these ten stories of how our clients are revolutionizing their organizations by using IBM blockchain.

Blockchain use cases

Be inspired by how innovators are transforming their businesses and their industries by using the IBM Blockchain Platform.

Next steps