Modernizing Commercial and Specialty Insurance Accounting with Blockchain Technology

Commercial and specialty insurance contracts and the resulting financial transactions between counterparties are both complex and costly to administer. Blockchain-based platforms can reduce costs in the core Accounting and Settlement processes by coordinating shared processes and reducing complexity, while also facilitating the final payment netting between counterparties. This whitepaper is suitable for business readers who wish to understand some of the complexities in the Accounting and Settlement processes of this sector or technical architects who need to understand how particular blockchain platforms provide value within insurance.