Abstract
The insured market requires accuracy and agility to meet the requirements of customers, insurers, and other service providers. Some catastrophic events are impossible to avoid, and their negative effects impede the economic recovery of people and companies. Theft, illnesses, accidents, pandemics, and natural disasters are events that affect the possibility of ruin. In this context, the acquisition of an insurance contract allows the risk to be transferred to an insurance company and reduces uninsured losses. This market needs to maintain an audit trail of transactions, preserving the transparency of the information exchange process and the responsibility for the behavior of its participants. However, this segment faces new limitations related to market policies and risk coverage. Not all people can purchase insurance because they do not have banking services, which impedes the creation of economic resilience in populations that suffer from extreme poverty. Technologies such as blockchain offer a solution to financial exclusion and provide global financial access to anyone, without any discrimination. Blockchain technology provides reliability, transparency, and immutability to transactions using cryptographic techniques and distributed consensus methods, without the need for third parties to testify to the veracity of the events. With this consideration, the paper assesses how technology can address challenges, and identifies the future direction in terms of adoption within the insurance value chain. Finally, conclusions are provided for taking advantage of the versatility of blockchain in this business area.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Sun, J., Yao, X., Wang, S., Wu, Y.: Non-repudiation storage and access control scheme of insurance data based on blockchain in IPFS. IEEE Access. 8, 155145–155155 (2020). https://doi.org/10.1109/ACCESS.2020.3018816
Mendoza-Tello, J.C., Mora, H., Pujol-López, F.A., Lytras, M.D.: Disruptive innovation of cryptocurrencies in consumer acceptance and trust. Inf. Syst. E-bus. Manag. 17, 195–222 (2019). https://doi.org/10.1007/s10257-019-00415-w
B3i: B3i-The Blockchain insurance industry initiative. https://b3i.tech/
IBM: Thai Re launches ASEAN’s first reinsurance smart contract platform using IBM’s blockchain and hybrid cloud technology. https://newsroom.ibm.com/2021-01-06-Thai-Re-launches-ASEANs-first-reinsurance-smart-contract-platform-using-IBMs-blockchain-and-hybrid-cloud%0A
AXA: AXA goes blockchain with fizzy. https://www.axa.com/en/magazine/axa-goes-blockchain-with-fizzy
Guardtime: World’s First Blockchain Platform for Marine Insurance Now in Commercial Use. https://guardtime.com/blog/world-s-first-blockchain-platform-for-marine-insurance-now-in-commercial-use
Lemonade: Forget Everything You Know About Insurance. https://www.lemonade.com/
Decentralized Insurance Foundation: Make Insurance Fair and Accessible Insurance. https://etherisc.com/
Fidentiax: World’s 1st Marketplace for Tradable Insurance Policies. https://www.fidentiax.com/
Visvizi, A., Lytras, M.D., Sarirete, A.: Emerging technologies and higher education: management and administration in focus. In: Management and Administration of Higher Education Institutions at Times of Change, pp. 1–11 (2019)
Nizamuddin, N., Abugabah, A.: Blockchain for automotive: an insight towards the IPFS blockchain-based auto insurance sector. Int. J. Electr. Comput. Eng. 11, 2443–2456 (2021). https://doi.org/10.11591/ijece.v11i3.pp2443-2456
Lin, W.Y., Lin, F.Y.S., Wu, T.H., Tai. K.Y.: An on-board equipment and blockchain-based automobile insurance and maintenance platform. In: Barolli, L., Takizawa, M., Enokido, T., Chen, H.C.M.K. (ed.) Advances on Broad-Band Wireless Computing, Communication and Applications. BWCCA 2020. Lecture Notes in Networks and Systems, pp. 223–232. Springer, Cham (2021)
Wan, Z., Guan, Z., Cheng, X.: PRIDE: A private and decentralized usage-based insurance using blockchain. In: 2018 IEEE International Conference on Internet of Things (iThings) and IEEE Green Computing and Communications (GreenCom) and IEEE Cyber, Physical and Social Computing (CPSCom) and IEEE Smart Data (SmartData), pp. 1349–1354. IEEE (2018)
Lamberti, F., Gatteschi, V., Demartini, C., Pelissier, M., Gómez, A., SantamarÃa, V.: Blockchains can work for car insurance. IEEE Consum. Electron. Mag. 7, 72–81 (2018). https://doi.org/10.1109/MCE.2018.2816247
Demir, M., Turetken, O., Ferworn, A.: Blockchain based transparent vehicle insurance management. In: 2019 6th International Conference on Software Defined Systems, SDS 2019, pp. 213–220. IEEE, Rome, Italy (2019)
Singh, P.K., Singh, R., Muchahary, G., Lahon, M., Nandi, S.: A blockchain-based approach for usage based insurance and incentive in ITS. In: TENCON 2019-2019 IEEE Region 10 Conference (TENCON), pp. 1202–1207. IEEE (2019)
Palma, L.M., Gomes, F.O., Vigil, M., Martina, J.E.: A transparent and privacy-aware approach using smart contracts for car insurance reward programs. In: Garg, D., Kumar, N., Shyamasundar, R. (ed.) Information Systems Security. ICISS 2019. Lecture Notes in Computer Science, pp. 3–20. Springer, Cham (2011)
Li, Z., Xiao, Z., Xu, Q., Sotthiwat, E., Mong Goh, R.S., Liang, X.: Blockchain and IoT data analytics for fine-grained transportation insurance. In: 2018 IEEE 24th International Conference on Parallel and Distributed Systems (ICPADS), pp. 1022–1027. IEEE (2018)
Mendoza-Tello, J.C., Mendoza-Tello, T., Mora, H.: Blockchain as a healthcare insurance fraud detection tool. In: Visvizi, A., Lytras, M.D., Aljohani, N.R. (eds.) Research and Innovation Forum 2020: Disruptive Technologies in Times of Change. Springer Proceedings in Complexity, p. 340. Springer, Cham (2020)
Thenmozhi, M., Dhanalakshmi, R., Geetha, S., Valli, R.: Implementing blockchain technologies for health insurance claim processing in hospitals. Mater. Today Proc. (2021). https://doi.org/10.1016/j.matpr.2021.02.776
Saeedi, K., Wali, A., Alahmadi, D., Babour, A., AlQahtani, F., AlQahtani, R., Raghad, K., Rabah, Z.: Building a blockchain application: a show case for healthcare providers and insurance companies. In: Arai, K., Bhatia, R., Kapoor, S. (eds.) Proceedings of the Future Technologies Conference (FTC) 2019. FTC 2019. Advances in Intelligent Systems and Computing, pp. 785–801. Springer, Cham (2020)
Raikwar, M., Mazumdar, S., Ruj, S., Gupta, S. Sen, Anupam Chattopadhyay, K.-Y.L.: A blockchain framework for insurance processes in hospitals. In: 2018 9th IFIP International Conference on New Technologies, Mobility and Security (NTMS), pp. 1–4 (2018)
Mohan, T., Praveen, K.: Fraud detection in medical insurance claim with privacy preserving data publishing in TLS-N using blockchain. In: Singh, M., Gupta, P., Tyagi, V., Flusser, J., Ören, T.K.R. (eds.) Advances in Computing and Data Sciences. ICACDS 2019. Communications in Computer and Information Science, pp. 211–220. Springer, Singapore (2019)
Zhou, L., Wang, L., Sun, Y.: MIStore: a blockchain-based medical insurance storage system. J. Med. Syst. 42 (2018). https://doi.org/10.1007/s10916-018-0996-4
Mora, H., Mendoza-Tello, J.C., Varela-Guzmán, E.G., Szymanski, J.: Blockchain technologies to address smart city and society challenges. Comput. Human Behav. 122 (2021). https://doi.org/10.1016/j.chb.2021.106854
Saeedi, K., Almalki, M.D., Aljeaid, D., Visvizi, A., Aslam, M.A.: Design pattern elicitation framework for proof of integrity in blockchain applications. Sustainability 12, 1–16 (2020). https://doi.org/10.3390/su12208404
Polese, F., Troisi, O., Grimaldi, M., Loia, F.: Reinterpreting governance in smart cities: an ecosystem-based view. In: Visvizi, A., Pérez del Hoyo, R. (eds.) Smart Cities and the un SDGs, pp. 71–89. Elsevier (2021)
Ciasullo, M.V., Troisi, O., Grimaldi, M., Leone, D.: Multi-level governance for sustainable innovation in smart communities: an ecosystems approach. Int. Entrep. Manag. J. 16, 1167–1195 (2020). https://doi.org/10.1007/s11365-020-00641-6
Visvizi, A., Troisi, O.: Effective management of the smart city: an outline of a conversation. In: Managing Smart Cities, pp. 1–10. Springer, Cham (2022)
Lytras, M.D., Visvizi, A., Chopdar, P.K., Sarirete, A., Alhalabi, W.: Information management in smart cities: turning end users’ views into multi-item scale development, validation, and policy-making recommendations. Int. J. Inf. Manag. 56, 102146 (2021). https://doi.org/10.1016/j.ijinfomgt.2020.102146
Mora, H., Pujol-López, F.A., Mendoza-Tello, J.C., Morales-Morales, M.R.: An education-based approach for enabling the sustainable development gear. Comput. Human Behav. 107, 105775 (2020). https://doi.org/10.1016/j.chb.2018.11.004
Sicilia, M.A., Visvizi, A.: Blockchain and OECD data repositories: opportunities and policymaking implications. Libr. Hi Tech. 37, 30–42 (2019). https://doi.org/10.1108/LHT-12-2017-0276
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2023 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this paper
Cite this paper
Mendoza-Tello, J.C., Mora, H., Mendoza-Tello, T. (2023). The Role of Blockchain for Introducing Resilience in Insurance Domain: A Systematic Review. In: Visvizi, A., Troisi, O., Grimaldi, M. (eds) Research and Innovation Forum 2022. RIIFORUM 2022. Springer Proceedings in Complexity. Springer, Cham. https://doi.org/10.1007/978-3-031-19560-0_50
Download citation
DOI: https://doi.org/10.1007/978-3-031-19560-0_50
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-19559-4
Online ISBN: 978-3-031-19560-0
eBook Packages: Computer ScienceComputer Science (R0)