Coordination is the name of the game, every insurance company is going to put all of their claims, insured info, fraudulent activity, on the blockchain. Using big data they're going to be able to do a significantly better job preventing fraud by instantly knowing whether another company paid out a claim, see any flagged potential or confirmed fraudulent claims be insured may have put forward through a previous company. They will also be able to do a much better job picking what spots they actually want to insure because they will have the data of every big insurance company. When an insurance company wants to insure a new state or a new portion of a state they will now be able to see exactly how much money was paid out per catastrophe, exactly how much certain companies charge whether it's mechanics, roofers, drywall work, anything you can think of.They will also be able to pick which people they want to insure better based on people's background, number of vehicles they insure, amount of claims, all that good stuff. Blockchain to store all the information and Big Data to analyze it. Claims will be processed significantly faster through smart contracts, millions will be saved through streamlining.
Whenever you complete your CPCU you get invited to go on a trip where you can mingle with insurance bigwigs. I went to New Orleans a few years ago, it was all people talked about. Whether you're just sharing a glass of wine or listening to CEOs of State farm, Allstate branches gush about blockchain. They made it clear that there is still going to be competition, but coordination is going to make companies so much more money than how things were done in the past.
Thats not necessarily a unique benefit of blockchain. Thats having the same data available between companies. Obviously blockchain is one way to accomplish that but I dont see what makes BC more viable a solution over other solutions such as a centralised database everyone has access to.