BLOCKCHAIN APPLICATIONS IN THE INSURANCE INDUSTRY

Stoyan Kirov

Economic Science, education and the real economy: Development and interactions in the digital age, 2020, issue 1, 186-200

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.

Keywords: blockchain; smart contracts; KYC costs; peer-to-peer insurance; index-based insurance (search for similar items in EconPapers)
JEL-codes: G22 O31 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:vrn:cfdide:y:2020:i:1:p:186-200

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