Please rotate your device for the optimal experience.

2019 Mid-year Report

Annual Survey Results

Blockchain and

Innovations are more well known, but adoption is still on the slow track.

Another year of exposure to blockchain and cryptocurrency does not appear to have increased understanding about what they are, how they work and what they can be used for. Indeed, respondents are less bullish on the technology this year than last; while general awareness has increased, plans to incorporate the technology have stalled.

Survey Key Findings

Brokers and Blockchain

Fewer brokers (19%) than in 2018 (25%) claim they will be using blockchain in the next five years.

A Low Priority for SMEs

Forty-five percent of SMEs said adopting Bitcoin and other cryptocurrencies is not a priority in the next 12 months.

Few Accept Them as Payment

Only 1% of brokers in both the U.S. and the U.K. currently accept cryptocurrencies.

Though we expect it will take years to deploy, we are beginning to see examples of blockchain benefitting the insurance industry. Many insurance databases, for example, contain redundant, repeated information. By using blockchain, each party can maintain control of their own while offering a way to exchange needed information that isn’t document-oriented.
Ian Macartney, Senior Vice President, Head of Innovation, Argo Group

Brokers’ adoption of blockchain is on a slow trajectory

When is your organization likely to incorporate blockchain technology?

Overall U.S. U.K.
IN THE NEXT 12–18 MONTHS 3% 3% 4%
IN THE NEXT 5 YEARS 19% 17% 20%
IN THE NEXT 10 YEARS 9% 11% 8%
IN THE NEXT 10+ YEARS 7% 7% 7%
NEVER 4% 4% 4%
UNSURE 54% 57% 51%

A third of SMEs don’t expect to accept cryptocurrencies – ever.

When is your organization likely to accept cryptocurrencies?

Overall U.S. U.K.
IN THE NEXT 12–18 MONTHS 11% 17% 5%
IN THE NEXT 5 YEARS 14% 14% 13%
IN THE NEXT 10 YEARS 9% 6% 12%
IN THE NEXT 10+ YEARS 3% 1% 5%
NEVER 32% 27% 37%
UNSURE 25% 27% 22%