How blockchain technology could revolutionise the insurance industry

Innovation is at the heart of what we do at Simply Business, and we’re always looking for ways to make insurance simpler and easier for small businesses.

That’s why we ran #BreakTheBlock, a weekend hackathon exploring ways in which blockchain can transform insurance.

Blockchain is a revolutionary technology that’s already being used in fields like banking and commerce. Want a primer on blockchain? Read our guide to blockchain technology and what it means for small businesses.

The #BreakTheBlock hackathon

Traditionally, insurance is a pretty closed market. It’s rare that information or data is shared, and this is bad for everyone – both businesses and customers.

With #BreakTheBlock, our weekend-long blockchain insurance hackathon, we aimed to change that. We wanted teams to try to build new, blockchain-based solutions to insurance problems, and then share their work with all the attendees.

We had a wide range of groups from lots of different disciplines, and they all used blockchain in unique ways. We also began the weekend with a series of workshops from our technical sponsors, exploring everything from programming smart contracts with Ethereum to connecting smart devices using the blockchain. Watch the Solidity 101 workshop, given by the Ethereum Foundation’s Nick Johnson, below.

What did the teams do?

Our hackathon teams tackled insurance and the blockchain in a broad range of innovative ways. Here are some of the highlights.

Breaker of Chains

The Breaker of Chains team tackled a common problem: how best to insure mobile devices? They approached this by using micro-payments to make sure devices are protected, and even planned to use AI to determine claim settlements.

Claimless

Claimless looked at no claims bonuses. They wanted to explore a way to easily and immutably prove a customer’s no claims history, using tokenisation.

ICOsurance

The ICOsurance team took the ‘insurance and blockchain’ idea and flipped it on its head – what about insurance for blockchain applications? ICOsurance looks to offer protection for investors going into an ICO, paying out in the event of a security breach.

Re-x

Re-x were looking at improving the efficiency of reinsurance insurance markets using the blockchain. They wanted to increase transparency in policies, and to improve the availability of insurance products in emerging markets.

Want to learn more about the BreakTheBlock event? Check out our dedicated page.

Do you think blockchain has a future in insurance? Let us know your thoughts below.

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