Audit services giant is funding a global research on the potential of blockchain for the insurance business. Together with the report, the company will develop its practical application.

PwC, a member of “Big 4” group, and Z/Yen, a commercial think tank, consultancy and venture firm, are planning to bring together wholesale brokers, insurers and reinsurers to perform a global study of the possible effect of blockchain on the wholesale insurance market.

The group will define the most perspective use-cases for the technology implementation and will produce a road map for the following developments. While working on the theoretical part, the group will also design a practical model of the subject under study – a prototype Proof-of-Concept on the blockchain for wholesale insurance. According to some estimates, the research and developing the prototype will be launched in July 2016.

PwC company that supports and co-authors the report will use for this project its Belfast-based blockchain research laboratory established in January 2016.

“With a new technology like blockchain it's fundamental that you work in an agile way to prove that the technologies not only work, but provide the right solutions to specific business problems. Businesses need to build, learn from mistakes refine and improve. PwC's Belfast laboratory team are experts in this way of working and, by working alongside PwC insurance experts and the Z/Yen team, we are confident and excited that we will be able to unveil a working prototype alongside the written report,” commented PwC partner Steve Webb, who leads the UK financial services blockchain practice.

PwC demonstrates an avid interest in the blockchain technology. In January 2016, the blockchain-tech developer Blockstream announced a strategic partnership with PwC to promote blockchain worldwide. In March of 2016, the audit and consultancy firm released Global FinTech Report where it pointed at the blockchain’s crucial role in the shaping of the industry’s near future.

Anna Lavinskaya