US: How distributed ledger technology might grow in the insurance industry

On Jan. 5, 2017, the Department of Treasury Federal Insurance Office held its first committee meeting of the new year. Several topics were addressed, including the use of blockchain/distributed ledger technology (“DLT”) in the insurance industry. Matt Higginson of McKinsey & Company presented this topic to the committee. While DLT’s impact on the financial services industry is still being examined, the industry sees the potential and is investing in research and experimentation to better understand that impact.