Aegon, Zurich, Allianz, Munich Re and Swiss Re joined forces in an attempt to put blockchain through its paces and evaluate whether the technology can help make the industry more efficient.
However, the big European insurers will take their time before putting anything into practice. “We’re not yet fully convinced of the benefits that blockchain can deliver,” said Mr Spadoni. “There will be very measured experimentation.” He added that he had not yet seen anyone with a fully productive use of blockchain in insurance. The group is planning to deliver its first results by the middle of next year and hopes that other insurers will eventually join in. “If you want to establish an industry wide blockchain network, you need everyone on it. You need a network effect,” said Mr Spadoni.