Zero-Knowledge Proofs: Emerging Opportunities for the Insurance Industry
October 2023
Authors
Stefano Chiaradonna (Ph.D. Candidate)
Petar Jevtić, Ph.D. (PI)
Dragan Boscovic, Ph.D. (Co-PI)
Description
Zero-Knowledge Proofs (ZKPs) represent an innovative suite of cryptographic algorithms that empower various parties, especially the insurance community, to validate the accuracy of sensitive information without revealing the actual information itself. When implemented, it could help the insurance industry authenticate policyholders and beneficiaries more efficiently, faster and, with fraud prevention mechanisms, it could facilitate communication with distribution channels, reinsurers or other stakeholders. Industry standards have not yet emerged and various technological solutions offer various tradeoffs. Thus, this report introduces the diverse applications and emerging opportunities that ZKPs offer to the insurance community, especially in the health insurance space.
Materials
Podcast
Zero-Knowledge Proofs
Acknowledgements
The researchers’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the Project Oversight Group for their diligent work overseeing, reviewing, and editing this report for accuracy and relevance.
Project Oversight Group members:
Min Ji, FSA, FIA
Zack Moore, FSA, MAAA
Sudeep Palepu, FSA, ACIA, MAAA
Matthew Smith, FSA, MAAA
Peik Hong Tan, FSA
Tina Yang, FSA, MAAA, CERA
Jingcheng Yu, FSA, CERA
At the Society of Actuaries Research Institute:
Korrel Crawford, Senior Research Administrator
David Schraub, FSA, CERA, MAAA, AQ
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