Chapter 6 Blockchain Technology as an Emerging Technology in the Insurance Market

Introduction: Blockchain is gaining attention in various industries and sectors. It is described as an emergent technology with immense possibilities similar to how the internet has revolutionised how businesses are currently carried out. Still, various sectors have either not adopted or are in a very nascent stage to adopt blockchain technology in their operations. The current research examines how blockchain can be used in the insurance sector. This industry was chosen as it is extremely relevant in today’s world and directly bears its economy. Purpose: To determine the current and future path in which the insurance industry is moving about blockchain technology adoption and find synergy between blockchain technology and the insurance business. Need for study: The insurance industry is highly relevant in today’s world and directly bears the country’s economy. Additionally, blockchain is an emergent technology with immense possibilities similar to how the internet has revolutionised how businesses are done. The current research looks at how blockchain can be used in the insurance business. Methodology: A systematic literature review was conducted in this study by reviewing literature related to blockchain technology and the insurance sector. Science direct was used as a source of information. For this study, the literature review approach was chosen since it allows us to trace the growth of the subject matter and identify the patterns that have formed through time. Findings: The study found that the insurance sector has recognised the latent benefits of blockchain technology and has begun to develop its usage in selected cases such as fraud prevention and risk assessment. Practical implications: The current study can be referred to by academicians, marketers, industry people, and policymakers. The study encourages companies and academicians to further investigate the usage of blockchain in insurance.