Title: Blockchain and digital transformation of insurance business models
Authors: Ahad ZareRavasan; Michal Krčál; Amir Ashrafi
Addresses: Department of Corporate Economy, Faculty of Economics and Administration, Masaryk University, Brno, Czech Republic ' Department of Corporate Economy, Faculty of Economics and Administration, Masaryk University, Brno, Czech Republic ' Alliance Manchester Business School, The University of Manchester, Manchester, UK
Abstract: The blockchain has recently received significant attention from researchers and practitioners, highlighting its perceived impact and emerging disruption potential. However, most of the literature on blockchain is dedicated to the banking sector, with limited attention to other sectors and answering how blockchain technology may affect business models. This research examines how the adoption of blockchain technology transforms business model components in the insurance industry. We performed a qualitative research through a multi-case study analysis of three blockchain implementations in the insurance sector. Based on the data, we identified that blockchain technology has the potential to contribute to the digital transformation of business models in all aspects. This research provides insightful implications for blockchain and insurance relevant researchers and executives.
Keywords: blockchain; business model; distributed ledger technology; digital transformation; insurance.
International Journal of Blockchains and Cryptocurrencies, 2021 Vol.2 No.3, pp.222 - 243
Received: 29 Jan 2021
Accepted: 28 Jun 2021
Published online: 22 Dec 2021 *