Blockchain and digital transformation of insurance business models. (13th December 2021)

• Record Type: Journal Article
• Authors: ZareRavasan, Ahad; Krčál, Michal; Ashrafi, Amir
• Is Part Of: International journal of blockchains and cryptocurrencies. Volume 2:Number 3(2021)
• Page Start: 222
• Page End: 243
• Publication Date: 2021-12-13
• Subjects: blockchain -- business model -- distributed ledger technology -- digital transformation -- insurance; Blockchains (Databases) -- Periodicals; Cryptocurrencies -- Periodicals; Electronic funds transfers -- Periodicals; 332.404
• Languages: English
• ISSNs: 2516-6425

Abstract

The blockchain has recently received significant attention from researchers and practitioners, highlighting its perceived impact and emerging disruption potential. However, most of the literature on blockchain is dedicated to the banking sector, with limited attention to other sectors and answering how blockchain technology may affect business models. This research examines how the adoption of blockchain technology transforms business model components in the insurance industry. We performed a qualitative research through a multi-case study analysis of three blockchain implementations in the insurance sector. Based on the data, we identified that blockchain technology has the potential to contribute to the digital transformation of business models in all aspects. This research provides insightful implications for blockchain and insurance relevant researchers and executives.