PwC's Belfast-based blockchain technology team worked with Z/Yen in undertaking the global industry survey.

The report, which is based on interviews with brokers, insurers, reinsurers, regulators and trade bodies from across the global wholesale insurance market, reiterates what Z/Yen executive chairman Michael Mainelli has been saying about blockchain-type solutions for ages.

As well as cost reduction and improved efficiency, blockchain could be a transformative technology changing the way the industry operates, enabling revenue growth in the sector as higher-quality service leads to new business, said a statement.

Z/Yen and PwC note that relationships with customers, regulators and business partners should improve as blockchain reduces errors and improves accuracy.

PwC's Belfast-based blockchain technology team worked with Z/Yen in undertaking the global industry survey, which was the first global initiative intended to determine how Blockchain technology could revolutionise and transform the world's insurance industry.

The report outlines three areas where blockchain technology could have the greatest impact on wholesale insurance:

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