Blockchain Framework for Insurance Industry

Abstract

The traditional financial industry has changed drastically with innovations in digital technology in the sector of finance. The new technology has not only altered the operations of financial services, but also changes the value chain of financial sector. Blockchain is one such technology which has proved to be a game changer in the financial industry. There are various studies on application of blockchain technology in the financial sector. This paper recommends a blockchain-based framework for the insurance industry. The need for this study is that there is an increasing requirement to improve the efficiency and customer experience, reduce the chances of fraud in insurance industry. Blockchain technology can prove to be a solution to the above-mentioned challenges. The methodology used to conduct this study is secondary data analysis and vast literature review. This study finds that there are various studies conducted in identifying the scope and application of blockchain in insurance industry but none of them suggests any framework to be implemented. This study suggests a framework to implement blockchain technology in insurance industry based on industry and academic literature.