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Block Chain Application in Insurance Services: A Systematic Review of the Evidence

Author

Listed:
  • Ankitha Shetty
  • Adithya D. Shetty
  • Rashmi Yogesh Pai
  • Rohini R. Rao
  • Rakshith Bhandary
  • Jyothi Shetty
  • Santosh Nayak
  • Tantri Keerthi Dinesh
  • Komal Jenifer Dsouza

Abstract

The Insurance industry participates in various processes that are characterized by data exchange, which is modified or updated by many parties. Hence, the insurance industry can benefit from the adoption of blockchain technology. However, there is a lack of understanding of the technology, the legal implications and the issues in implementing the technology. This paper aims at finding potential opportunities for the insurance sector on the implementation of blockchain technology. It also discusses issues and concerns for insurance companies wanting to adopt block chain technologies. A search was carried out for relevant electronic bibliographic databases (searched by means of keywords), articles published in scientific journals, websites of consultancy firms and blockchain developers, and reference lists of relevant review articles. Articles were screened and eligibility was based on participants, procedures, interventions comparisons, outcomes (PICO) model and criteria for PRISMA (Preferred Reporting Items for Systematic Reviews). A total of 23 papers were finalized after scrutiny for this study whereby the results disclose that blockchain, as a single source of reality, has the potential to improve productivity and mitigate the complexity of the insurance processes. Examples of real-world applications and insurance use cases are presented to demonstrate the strengths & capabilities of the technology. This study also considers the present-day issues, risks and concerns in the implementation of the blockchain technology. Finally, the challenges and obstacles in the application of Blockchain technology in the Insurance Sector is highlighted and presented.

Suggested Citation

  • Ankitha Shetty & Adithya D. Shetty & Rashmi Yogesh Pai & Rohini R. Rao & Rakshith Bhandary & Jyothi Shetty & Santosh Nayak & Tantri Keerthi Dinesh & Komal Jenifer Dsouza, 2022. "Block Chain Application in Insurance Services: A Systematic Review of the Evidence," SAGE Open, , vol. 12(1), pages 21582440221, March.
    • Handle: RePEc:sae:sagope:v:12:y:2022:i:1:p:21582440221079877
    DOI: 10.1177/21582440221079877
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    References listed on IDEAS

    as
    1. Ankitha Shetty & Savitha Basri, 2020. "Assessing the Technical Efficiency of Traditional and Corporate Agents in Indian Life Insurance Industry: Slack-based Data Envelopment Analysis Approach," Global Business Review, International Management Institute, vol. 21(2), pages 490-506, April.
    2. Simon Grima & Jonathan Spiteri & Inna Romānova, 2020. "A STEEP framework analysis of the key factors impacting the use of blockchain technology in the insurance industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(3), pages 398-425, July.
    3. Valentina Gatteschi & Fabrizio Lamberti & Claudio Demartini & Chiara Pranteda & Víctor Santamaría, 2018. "Blockchain and Smart Contracts for Insurance: Is the Technology Mature Enough?," Future Internet, MDPI, vol. 10(2), pages 1-16, February.
    4. Lipsey, Richard G. & Carlaw, Kenneth I. & Bekar, Clifford T., 2005. "Economic Transformations: General Purpose Technologies and Long-Term Economic Growth," OUP Catalogue, Oxford University Press, number 9780199290895.
    5. Basri Savitha & Subrato Banerjee & Ankitha Shetty, 2019. "Product diversification versus technical efficiency of conglomerate life microinsurance companies: evidence from India," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 44(3), pages 527-547, July.
    6. Wang, Yunsen & Kogan, Alexander, 2018. "Designing confidentiality-preserving Blockchain-based transaction processing systems," International Journal of Accounting Information Systems, Elsevier, vol. 30(C), pages 1-18.
    7. Muhamad Taqi & Aam Slamet Rusydiana & Nanik Kustiningsih & Irman Firmansyah, 2021. "Environmental Accounting: A Scientometric using Biblioshiny," International Journal of Energy Economics and Policy, Econjournals, vol. 11(3), pages 369-380.
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    Cited by:

    1. Mahima Habil & Saransh Kumar Srivastav & Pooja Thakur, 2024. "Mapping the landscape of blockchain technology: a bibliometric analysis," Journal of Computational Social Science, Springer, vol. 7(2), pages 1533-1553, October.
    2. Débora Allam-Firley & Elsa Corbin, 2023. "Blockchain technology adoption in the insurance industry: a conceptual framework," Post-Print hal-04734348, HAL.

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