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Blockchain Applications In The Insurance Industry

Author

Listed:
  • Stoyan Kirov

    (University of Economics - Varna, Bulgaria)

Abstract

The report surveys the possible applications of blockchain technology in the insurance industry. Special attention is paid to its potential to increase the competitiveness of insurers by making their operations more transparent and effective. The Blockchain will have a long-term effect on the insurance business, as it automates the processing of risk data on a consensus-based algorithm, supports the detectability of insurance fraud and speeds up the payments of insurance indemnities through encrypted transfers. The proof of this is the increasing demand for blockchain technologies from insurance companies and their loyal clients in recent years. Some of blockchain innovative applications are smart insurance contracts, P2P insurance and index-based insurance.

Suggested Citation

  • Stoyan Kirov, 2020. "Blockchain Applications In The Insurance Industry," Economic Science, education and the real economy: Development and interactions in the digital age, Publishing house Science and Economics Varna, issue 1, pages 186-200.
    • Handle: RePEc:vrn:cfdide:y:2020:i:1:p:186-200
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    File URL: https://ue-varna.bg/~uevarna/uploads/filemanager/303/publishing-complex/2020/Economic_science_education_real_economy_T1_2020.pdf
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    More about this item

    Keywords

    blockchain; smart contracts; KYC costs; peer-to-peer insurance; index-based insurance;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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