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How smart contracts can change the insurance industry: Benefits and challenges of using Blockchain technology
Jönköping University, Jönköping International Business School, JIBS, Informatics.
Jönköping University, Jönköping International Business School, JIBS, Informatics.
2018 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The world is becoming more and more digitized. Recently many industries have started to research the blockchain technology and particularly smart contracts. One industry that so far has not adopted new technology in the same pace as other industries, is the insurance industry so this interview study aims at finding opportunities and challenges for insurance companies that want to learn about smart contracts and its use cases.By doing a literature review and performing interviews with blockchain experts and insurance company employees, this study found that both IT companies working with smart contracts and the insurance companies have limited knowledge of the legal aspect of smart contracts. The lack of standards and regulations allows IT companies to freely create smart contracts without much quality control. The insurance companies must innovate themselves in order to not be disrupted. The blockchain technology will offer many new insurance types and if the insurance industry fails to adopt the blockchain technology they may face market disruption.There is much room for future research following this study. It would be beneficial to research how contract theory could be used in practice during the creation of legally binding smart contracts. Furthermore, research around fraud prevention in smart contracts would be interesting as would an in-depth exploration of the ecosystem of third party software and services around smart contracts.

Place, publisher, year, edition, pages
2018. , p. 100
Keywords [en]
smart contracts, blockchain, insurance industry, contract theory, insurance, opportunities, challenges, insurance companies
National Category
Information Systems
Identifiers
URN: urn:nbn:se:hj:diva-39899ISRN: JU-IHH-IKA-2-20180072OAI: oai:DiVA.org:hj-39899DiVA, id: diva2:1214254
Subject / course
JIBS, Informatics
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Available from: 2018-08-08 Created: 2018-06-06 Last updated: 2018-08-08Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
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  • asciidoc
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