Blockchain in Commercial Insurance: Achieving and Learning Towards Insurance That Keeps Pace in a Digitally Transformed Business Landscape

Kim, Henry M.; Mehar, Muhammad

doi:10.2139/ssrn.3423382

Cited by 4 publications

(6 citation statements)

References 4 publications

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“…He suggests that in the next 10 years, 40% of the insurance jobs that exists today will be gone, and 20% of the jobs in the future will be new. Conventional insurers and reinsurers are utilizing emerging technology to bring certain efficiencies into the industry which could potentially lead to higher financial gain or a more favorable competitive edge [10]. It may also result in a competitive drawback due to their long-established business models and their high-value investments in infrastructure.…”

Section: Innovation and Disruptionmentioning

confidence: 99%

Untitled

2022

IJNSA

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Insurance has been around for more than centuries. This risk mitigation strategy has been utilized in maritime commerce as early thousand years ago, where Asian merchant seafarers were pooling together their wares in collective funds to pay for damages of individual's capsized ship. In 2018, insurance industry made up 6% of global domestic product, and amounted to about 7-9% of the U.S.GDP;2020, the industry net premiums totalled $1.28 trillion, by 2030, blockchain insurance market value is estimated to reach $39.5 Billion. Despite of growing reform, the insurance market is dominated by intermediaries assisting people to match their insurance needs. While many predictions focused on artificial intelligence, cloud computing, blockchain stands out as the most disruptive technology that can change the driving forces underlying the global economy. This paper presents a blockchain business use case and how insurance market can turn disruptive power of this technology into innovative opportunities.

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Section: Innovation and Disruptionmentioning

confidence: 99%

Untitled

2022

IJNSA

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“…As an example, a novel system is being worked on by ANZ Bank, Suncorp of New Zealand, and IBM to ensure efficient and smooth transmission of data and premium payments between insurers and brokers. By involving blockchain in the storage and update of data, there would exist a single version of truth between insurers and brokers and smart contracts can execute to commence payments automatically [20]. Also, Allianz has employed digital tokens to pay its worldwide affiliates thereby alleviating the challenge of currency exchanges [20].…”

Section: ) Claim Submission and Processingmentioning

confidence: 99%

“…By involving blockchain in the storage and update of data, there would exist a single version of truth between insurers and brokers and smart contracts can execute to commence payments automatically [20]. Also, Allianz has employed digital tokens to pay its worldwide affiliates thereby alleviating the challenge of currency exchanges [20]. Also, AXA French insurance company launched a smart contract based flight-delay insurance product to reduce cost, improve customer engagement, and develop new insurance products [123].…”

Section: ) Claim Submission and Processingmentioning

confidence: 99%

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Blockchain in Insurance: Exploratory Analysis of Prospects and Threats

Amponsah¹,

Adekoya²,

Weyori³

2021

IJACSA

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Ever since the first generation of blockchain technology became very successful and the FinTech enormously benefited from it with the advent of cryptocurrency, the second and third generations championed by Ethereum and Hyperledger have explored the extension of blockchain in other domains like IoT, supply chain management, healthcare, business, privacy, and data management. A field as huge as the insurance industry has been underrepresented in literature. Therefore, this paper presents how investments in blockchain technology can profit the insurance industry. We discuss the basics of blockchain technology, popular platforms in use today, and provide a simple theoretical explanation of the insurance sub-processes which blockchain can mutate positively. We also discuss hurdles to be crossed to fully implement blockchain solutions in the insurance domain.

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“…To construct the normality of blockchain technology, all three phases are complementary and assist one another [51]. According to [52,53], insurance is one of the most important forms of help available to communities in the event of an emergency, neutralizing expenses and assisting them. The sector's largest issue is detecting and protecting against counterfeit documents, as well as stopping the goals of phoney participants.…”

Section: Introductionmentioning

confidence: 99%

Designing A Permissioned Blockchain Network For The Insurance Claim Process Using Hyperledger Fabric And Composer

Hombalimath,

Mangla,

Balodi

2023

IJCAI

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This research aims to examine the benefits of blockchain technology (BCT) in the vehicle insurance process. The article addresses a number of benefits offered by BCT, including automating the identity verification and doing away with the need for numerous parties to manually certify the legitimacy of transactions. India's financial and business networks can be anticipated to change the accounting process to a different extreme with the introduction of BCT. Unfortunately, they are having some difficulties implementing and acclimating to this modern technology. Here is the solution, blockchain technology may help us solve the existing problem. Insurance firms and car owners can benefit from blockchain technology since it can effectively open up communication channels, encourage industry integration, and improve insurance provider's ability to access record. Using BCT, banking operations will be more efficient, quicker, and less expensive because to the removal of middlemen. Decentralization, transparency, and secure transactions will be the main advantages.Povzetek: Raziskava preučuje prednosti tehnologije blockchain v procesu avtomobilskega zavarovanja: avtomatizacijo, transparentnost in varnost transakcij.

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Blockchain in Commercial Insurance: Achieving and Learning Towards Insurance That Keeps Pace in a Digitally Transformed Business Landscape

Cited by 4 publications

References 4 publications

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Untitled

Blockchain in Insurance: Exploratory Analysis of Prospects and Threats

Designing A Permissioned Blockchain Network For The Insurance Claim Process Using Hyperledger Fabric And Composer

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