IDEAS home Printed from https://ideas.repec.org/a/sae/sagope/v12y2022i1p21582440221079877.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/21582440221079877
    Download Restriction: no
    File URL: https://libkey.io/10.1177/21582440221079877?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christian Eckert & Christof Neunsinger & Katrin Osterrieder, 2022. "Managing customer satisfaction: digital applications for insurance companies," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(3), pages 569-602, July.
    2. Grillitsch, Markus & Asheim, Björn & Fünfschilling, Lea & Kelmenson, Sophie & Lowe, Nichola & Lundquist, Karl Johan & Mahmoud, Yahia & Martynovich, Mikhail & Mattson, Pauline & Miörner, Johan & Nilsso, 2023. "Rescaling: An Analytical Lense to Study Economic and Industrial Shifts," Papers in Innovation Studies 2023/11, Lund University, CIRCLE - Centre for Innovation Research.
    3. Kariem Soliman, 2021. "Are Industrial Robots a new GPT? A Panel Study of Nine European Countries with Capital and Quality-adjusted Industrial Robots as Drivers of Labour Productivity Growth," EIIW Discussion paper disbei307, Universitätsbibliothek Wuppertal, University Library.
    4. Brett M. Frischmann & Christiaan Hogendorn, 2015. "Retrospectives: The Marginal Cost Controversy," Journal of Economic Perspectives, American Economic Association, vol. 29(1), pages 193-206, Winter.
    5. Ranfeng Qiu & John Cantwell, 2018. "The international geography of general purpose technologies (GPTs) and internationalisation of corporate technological innovation," Industry and Innovation, Taylor & Francis Journals, vol. 25(1), pages 1-24, January.
    6. Mark Knell & Simone Vannuccini, 2022. "Tools and concepts for understanding disruptive technological change after Schumpeter," Jena Economics Research Papers 2022-005, Friedrich-Schiller-University Jena.
    7. Jeffrey Ding & Allan Dafoe, 2021. "Engines of Power: Electricity, AI, and General-Purpose Military Transformations," Papers 2106.04338, arXiv.org.
    8. Francesco Quatraro, 2010. "Martin Fransman: the new ICT ecosystem. Implications for Europe," Journal of Evolutionary Economics, Springer, vol. 20(2), pages 321-328, April.
    9. Clifford Bekar & Kenneth Carlaw & Richard Lipsey, 2018. "General purpose technologies in theory, application and controversy: a review," Journal of Evolutionary Economics, Springer, vol. 28(5), pages 1005-1033, December.
    10. Henri L.F. de Groot & Jacques Poot & Martijn J. Smit, 2007. "Agglomeration, Innovation and Regional Development: Theoretical Perspectives and Meta-Analysis," Tinbergen Institute Discussion Papers 07-079/3, Tinbergen Institute.
    11. Elena Castro-Martínez & Fernando Jiménez-Sáez & Francisco Javier Ortega-Colomer, 2009. "Science and technology policies: A tale of political use, misuse and abuse of traditional R&D indicators," Scientometrics, Springer;Akadémiai Kiadó, vol. 80(3), pages 827-844, September.
    12. Sachin Kumar Mangla & Yiğit Kazançoğlu & Abdullah Yıldızbaşı & Cihat Öztürk & Ahmet Çalık, 2022. "A conceptual framework for blockchain‐based sustainable supply chain and evaluating implementation barriers: A case of the tea supply chain," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3693-3716, December.
    13. Rita Strohmaier & Marlies Schuetz & Simone Vannuccini, 2019. "A systemic perspective on socioeconomic transformation in the digital age," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(3), pages 361-378, September.
    14. Dehghani, Milad & William Kennedy, Ryan & Mashatan, Atefeh & Rese, Alexandra & Karavidas, Dionysios, 2022. "High interest, low adoption. A mixed-method investigation into the factors influencing organisational adoption of blockchain technology," Journal of Business Research, Elsevier, vol. 149(C), pages 393-411.
    15. Broadberry Stephen, 2012. "Recent Developments in the Theory of Very Long Run Growth: A Historical Appraisal," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 53(1), pages 277-306, May.
    16. Rafael Araujo Nacimento & Vanessa Theodoro Rezende & Fábio José Muneratti Ortega & Sylvestre Aureliano Carvalho & Marcos Silveira Buckeridge & Augusto Hauber Gameiro & Francisco Palma Rennó, 2024. "Sustainability and Brazilian Agricultural Production: A Bibliometric Analysis," Sustainability, MDPI, vol. 16(5), pages 1-24, February.
    17. Emmanuel Bovari & Victor Court, 2019. "Energy, knowledge, and demo-economic development in the long run: a unified growth model," Working Papers hal-01698755, HAL.
    18. Peter Howitt, 2007. "Innovation, Competition and Growth: A Schumpeterian Perspective on Canada’s Economy," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 246, February.
    19. Taalbi, Josef, 2017. "What drives innovation? Evidence from economic history," Research Policy, Elsevier, vol. 46(8), pages 1437-1453.
    20. Fabio Pieri & Michela Vecchi & Francesco Venturini, 2017. "Modelling the joint impact of R and D and ICT on productivity: A frontier analysis approach," DEM Working Papers 2017/13, Department of Economics and Management.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:sagope:v:12:y:2022:i:1:p:21582440221079877. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.