Blockchain technology adoption in the insurance industry: a conceptual framework

Débora Allam-Firley and Elsa Corbin ()
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Débora Allam-Firley: CREDDI - Centre de Recherche en Economie et en Droit du Développement Insulaire [UR7_2] - UA - Université des Antilles
Elsa Corbin: MEMIAD - Management, économie, modélisation, informatique et aide à la décision [UR7_3] - UA - Université des Antilles

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Abstract: The use of new technologies and ubiquitous digitalization have resulted in major changes in customer expectations. The 2019 coronavirus disease crisis has accelerated the need for digital transformation in many industries, including insurance. Insurance organizations recognizing the dynamic changes that are transforming the insurance sector are taking action to gain new competitive advantage by introducing blockchain technology. This technology helps companies to be more customer oriented, improve their offerings, and increase their operational efficiency by enhancing their traditional value chains. The literature on blockchain technology use in the insurance industry has focused on technological aspects, and little is known about the factors underlying the adoption of this technology, which is critical for success. This paper introduces a theoretical model based on the universal theory of acceptance and use of technology for the identification of aspects that can facilitate or hinder blockchain technology adoption in the insurance industry, with the ultimate aim of promoting the successful diffusion of this technology in this sector. This paper contributes to the understanding of insurance employees' perspectives onblockchain technology adoption in their daily work. It identifies aspects of user behaviour that practitioners should consider while developing strategies for blockchain technology implementation in their business processes. The proposed model is conceptual and has not been empirically tested; such research is needed.

Keywords: Blockchain Technology; Insurance Industry (search for similar items in EconPapers)
Date: 2023-06-14
New Economics Papers: this item is included in nep-pay
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Published in EURAM, Jun 2023, Dublin, Ireland

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