Brokers under threat by blockchain developments: DAC Beachcroft
Brokers could be eliminated if the insurance industry adopts blockchain technology on a grand scale, according to a research report from DAC Beachcroft. Making use of smart contracts via blockchain, which can pay out claims automatically, may eliminate the need for brokers in certain parts of the insurance distribution chain. For more complex claims, however, human involvement may still be needed. 
DAC Beachcroft report predicts blockchain impact, another IPT rise and increased focus on corporate governance for brokers.

Brokers could be eliminated from some parts of the insurance distribution chain if blockchain is used to implement what is known as smart contracts.

According to a report by DAC Beachcroft blockchain/smart contracts can be used to automate digital claims.

The report, Insurance Market Conditions & Trends 17/18, stated: “They can automate the claims process, enabling digital claim submission (via sensors or internet-connected data sources) and processing (eliminating the need for brokers and