Application of Blockchain in the Insurance Sector

Abstract

Purpose: The purpose of the study is to investigate how blockchain, a new emergent technology, has spread throughout the insurance industry by evaluating incidents reported in the literature, either academic or trade publications. This study specifically aims to develop a comprehensive understanding of the main effects of blockchain on the insurance sector’s core operations.

Design/Methodology/Approach: Review based approach has been utilised by evaluating incidents reported in the literature, either academic or trade publications.

Findings: Blockchain is a technology attracting more and more interest from academics and business professionals. It can be seen that the technological advancements and benefits of blockchain in the insurance industry can help it expand manifold. The wise use of technology can only provide the same. If applied without thought, it can be disastrous too. With the future integration of AI and other machine learning technologies, the authors can see that clerical work in the industry can completely shift to computers and humans can use more of their time in more developmental activities and results.

Practical Implications: The sector is moving in the direction of digital transformation employing emerging technologies and is ready for disruptions and change shortly regarding processes, industry structure, rivalry, and organisational structure.

Research Limitations: Future researchers could investigate the existing technique to examine the dissemination of upcoming technologies, such as cognitive computing, blockchain, and artificial intelligence, in certain industries or organisational functions.

Citation

Kaur, B., Kaur, R. and Sood, K. (2023), "Application of Blockchain in the Insurance Sector", Grima, S., Sood, K. and Özen, E. (Ed.) Contemporary Studies of Risks in Emerging Technology, Part A (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Leeds, pp. 173-181. https://doi.org/10.1108/978-1-80455-562-020231012