Occam's Razor is the problem-solving principle that the simplest solution tends to be the best. In practice most blockchain projects have been far from the simplest thus failing at the first step.

To use Geoffrey Moore's model; Blockchain has not crossed the chasm and, if anything, is stalled at the far left of the "Technology Adoption Life Cycle".

Insurers would better future-proof their business by deploying digital platforms across the customer buying and claims life-cycles and then planning the best use cases for AI powered automation. To meet real problems.

A single digital record for the complete claims value chain is by far the simplest solution for digital transformation. 

Not to say that there are not niche applications e.g. in global shipping contracts and insurance where the analogue documents typically only arrive after the containers dock. 

For general insurance it is hard to see blockchain providing a simple solution. 

The home and car connected by billions of connected devices may appeal at first sight. However, today's blockchains are ineffective data receptacles a vital requirement for IoT platforms.

Keep blockchain on the long-term strategic radar and as a minimum requirement only commit resources when three key principles are met.

  1. Organisations must start with a compelling problem; 
  2. There must be a clear business case
  3. Companies must agree to a mandate and commit to a path of adoption

And, of course, you must be able to explain that it solves the Occam problem. It must be the simplest solution.