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Approximately 200 blockchain experts and enthusiasts from 16 countries were hosted at the Swiss Re Centre for Global Dialogue by Andreas Schertzinger, who leads Swiss Re's Reinsurance Technology Initiative, to discuss blockchain's potential for the insurance industry.

Blockchain technology has opened up a number of new possibilities once considered unimaginable. Whether it's the possibility of instant payments, self-executing "smart" re/insurance contracts, lower transaction fees, less paperwork, or other efficiency gains, the insurance industry is taking note. A number of new entrants as well as the industry's established players are keen to identify and leverage the business opportunities that blockchain technology promises.

At the event "Blockchain: how insurers are building up trust by breaking down barriers", hosted by the Swiss Re Centre for Global Dialogue, participants interacted with top-notch experts and exchange ideas and insights about blockchain with the goal of 1) improving understanding of business opportunities and challenges and 2) determining how the insurance industry can best position itself to capitalise on the opportunities and 3) accelerating cross-company efficiency.

The event also offered participants the opportunity to test real life applications of blockchain technology and interact with companies that are developing new products and services that could transform the insurance industry.