Blockchain and Smart Contracts in Insurance
1 June 2021
The adoption of complex technologies by the insurance sector is accelerating, but it is still early days for the usage of distributed ledger technology ("DLT") and smart contracts and the technology is still evolving. The European Insurance and Occupational Pensions Authority ("EIOPA") has published a discussion paper on blockchain and smart contracts in insurance, which seeks to identify the key risks and benefits for consumers, (re)insurers and regulators relating to the use of these complex technologies. We have summarised those key risks as well as examples of use cases and benefits of blockchain and smart contracts highlighted in the EIOPA paper. This should enable you to consider how to position your business in the face of these complex technologies.
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Clifford Chance
