Aon has published a paper on blockchain, explaining how the technology is more than just a solution to insurers’ processing and back-office inefficiencies.

The paper, written by former Aon Benfield Analytics CEO Stephen Mildenhall, says the narrow view of blockchain needs to be discarded.

Instead, insurers must recognise that the technology allows for the “re-democratisation” of data and enhances an individual’s control over their private information.

“To enable this will require infrastructure and an alternative revenue model.

“Insurers are well positioned to provide these services and to profit from the trust vacuum, stepping in to replace outmoded and insecure centralised networks with distributed blockchain solutions.

“This revolutionary model represents the true potential of the blockchain for our industry.”