Disruptive Power of Blockchain on the Insurance Industry
Name
Adefisayo Akande
Abstract
The insurance industry has been a key component of the global economy by the amount of premiums it generates, the scale of its investment and more fundamentally, the essential social and economic role it plays in covering personal and business risk. Over the years, there have been a growing reform in this sector but despite some of these reforms, the insurance industry has remained much the same in its business model and operations. The sector has been dominated by intermediaries who play the key role of understanding and matching the need of the customer with specific tailored insurance product. A research conducted by PwC in a report titled “Insurance 2020: Turning change into opportunity” [1], takes into account STEEP (Social, Technology, Environmental, Economic and Political) drivers all points to the need of the insurance sector to evolve from the agency- based distribution model to an usage based business model.
This paper examines the blockchain technology and its disruptive power in the insurance sector by evaluating the current business process and model in the industry and how this technology can improve this model. This paper concludes by proposing a new process flow for the insurance industry placing emphasis on better values service to the customer using blockchain technology.
This paper examines the blockchain technology and its disruptive power in the insurance sector by evaluating the current business process and model in the industry and how this technology can improve this model. This paper concludes by proposing a new process flow for the insurance industry placing emphasis on better values service to the customer using blockchain technology.
Graduation Thesis language
English
Graduation Thesis type
Master - Software Engineering
Supervisor(s)
Fredrik P. Milani
Defence year
2018