PricewaterhouseCoopers (PwC), the leading multinational professional services firm, in collaboration with Z/Yen, a commercial think-tank, consultancy and venture firm, is launching a Long Finance research project to explore the potential of blockchain technology in wholesale insurance.

The proposed study will be a ‘collaborative exercise’ working with the Long Finance community, bringing together a range of wholesale brokers, insurers and re-insurers to create a common view of the potential benefits that blockchain could bring.  The team will conduct a global survey of the industry and interview leading thinkers across the globe.  In addition, priority business use cases will be identified and a roadmap for future developments will be determined.

The study will be used to assess current opinion as well as explore the potential for mutual or consortium research into taxonomies and standards for the insurance industry.  The research and a working Proof-of-Concept prototype will be launched in July.

As sponsor of the study, PwC will work with Z/Yen to co-develop the report and will utilise its newly established blockchain research laboratory in Belfast to develop the prototype proof-of-concept technology.

"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”, said PwC partner Steve Webb, who leads the UK’s financial services blockchain practice. “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”.

PwC has been collaborating with blockchain-based companies since the beginning of this year. This includes partnership with Blockstream and Eris Industries. In addition, it appointed a new team comprising of 15 leading technology experts who will explore and commercialise blockchain, and hired Patrick Spens, a former UK regulator, hedge fund founder and city trader, to help consider the implications and possible applications for blockchain technology.