A variety of blockchain applications are conceivable in the insurance industry. They offer enormous transformation potential for the industry and could turn the business model of insurers upside down in the long term. Blockchain applications could improve the “customer journey” for consumers and provide efficiency gains for insurers. Insurers should take action for their own protection and look into the potential of this future technology – because the competition never sleeps. Many of the big tech companies already have one foot in the insurance market and blockchain-based products will enable them to offer insurance services more easily, quickly and cheaply.