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Motivating Antecedents and Consequences of Blockchain Technology in the Insurance Industry
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Author(s): Sumit Oberoi (Lovely Professional University, India)and Pooja Kansra (Mittal School of Business, Lovely Professional University, India)
Copyright: 2021
Pages: 10
Source title:
Blockchain Technology and Applications for Digital Marketing
Source Author(s)/Editor(s): Rohit Bansal (Department of Management Studies, Vaish College of Engineering, Rohtak, India), Pacha Malyadri (ICSSR, Center for Economic and Social Studies, India), Amandeep Singh (Chitkara Business School, Chitkara University, Punjab, India)and Asif Pervez (Jamia Millia Islamia University, India)
DOI: 10.4018/978-1-7998-8081-3.ch017
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Abstract
Quantum leaps in technology affect all phases of business models over numerous industries and are the fundamental characteristic of any technological revolution. Emerging technologies provide new avenues for industries to increase their competitive advantage and enhance the economic progression. The aim of this study is to advance a theoretical model on motivating antecedents and consequences of blockchain technology in insurance industry based on the evidence from past literature. This chapter is approached from the theoretical viewpoint, so it meticulously assesses and examines the prior literature to debate on the role of blockchain technology in the insurance industry. The outcome of the present study is dispassionate and corresponding to the conclusions of the prior literature. Blockchain helps in achieving innovation, augmenting transparency, refining data standards, and advancing an integrated approach for quality service. Thus, the espousal of blockchain in insurance is developing very quickly, and it has become the default platform for the complete insurance industry.
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