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Blockchain and insurance: a review for operations and regulation

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  • Richard Brophy

Abstract

Purpose - The purpose of this paper is to examine the operational and regulatory positions of the employment of Blockchain in the insurance industry. Blockchain technology has attracted wide interest from various stakeholders. Many theorists are predicting that this technology will disrupt financial services, including insurance. As stated that the development of blockchain is dependent on regulatory acceptance of this technology, it is essential to establish the current state of play with regard to the application and use of blockchain from a commercial and regulatory standpoints. Design/methodology/approach - This review encompasses a number of approaches to view the current status of Blockchain applications. From a commercial approach, this research lists the current applications of blockchain within the insurance industry. From a regulatory point of view, the current positions of the EU and national regulatory bodies are enquired upon to establish how they are examining FinTech and Blockchain technologies within their regulatory processes. Findings - This review illustrates a number of Blockchain applications in situ from a commercial point of view. From a regulatory setting and following a call from international and EU levels, it appears that various regulatory bodies have begun the process of formulating testing processes for FinTech applications. There are two predominant types in operation, while others are forming points of contact for advice for FinTechs and a small amount who have not begun the process at all. Research limitations/implications - This review illustrates the current state of play of blockchain in insurance from a commercial and regulatory point of view. While this has been observational, this review pulls together information from various sources to encapsulate the regulatory positioning of evaluating FinTech and Blockchain technologies for academia, regulatory and industry audiences. Originality/value - This review offers a central resource of information with regard to the current state of blockchain technologies in operation and regulatory approaches to this and other FinTech developments.

Suggested Citation

  • Richard Brophy, 2019. "Blockchain and insurance: a review for operations and regulation," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 28(2), pages 215-234, November.
    • Handle: RePEc:eme:jfrcpp:jfrc-09-2018-0127
    DOI: 10.1108/JFRC-09-2018-0127
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    Citations

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    Cited by:

    1. Raffaele Trequattrini & Matteo Palmaccio & Mario Turco & Alberto Manzari, 2024. "The contribution of blockchain technologies to anti‐corruption practices: A systematic literature review," Business Strategy and the Environment, Wiley Blackwell, vol. 33(1), pages 4-18, January.
    2. Ritu Srivastava & Anupama Prashar & S.Veena Iyer & Piyush Gotise, 2024. "Insurance in the Industry 4.0 environment: A literature review, synthesis, and research agenda," Australian Journal of Management, Australian School of Business, vol. 49(2), pages 290-312, May.
    3. Yi Sun & Shihui Li & Rui Wang, 2023. "Fintech: from budding to explosion - an overview of the current state of research," Review of Managerial Science, Springer, vol. 17(3), pages 715-755, April.
    4. Garg, Poonam & Gupta, Bhumika & Chauhan, Ajay Kumar & Sivarajah, Uthayasankar & Gupta, Shivam & Modgil, Sachin, 2021. "Measuring the perceived benefits of implementing blockchain technology in the banking sector," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    5. Sriyanto Sriyanto & Muhammad Imran & Shiraz Khan & Khalid Zaman & Haroon ur Rashid Khan & ?Dadang Yunus Lutfiansyach? & Parmono Parmono & Abdul Wahab Pathath & Mohd Khata Jabor, 2023. "Harnessing the Power of Globalization: A Study of the Association between Globalization, Transportation Energy, and Insurance and Financial Services in Europe and Central Asia," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 453-461, March.
    6. Kimani, Danson & Adams, Kweku & Attah-Boakye, Rexford & Ullah, Subhan & Frecknall-Hughes, Jane & Kim, Ja, 2020. "Blockchain, business and the fourth industrial revolution: Whence, whither, wherefore and how?," Technological Forecasting and Social Change, Elsevier, vol. 161(C).

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