The state of art, opportunities and challenges of blockchain in the insurance industry: a systematic literature review

Abstract

Blockchain technologies are quickly changing the competitive business landscape. However, key stakeholders are still sceptical about how, when, and what blockchain might bring to their businesses. This study aims to analyse how blockchain might reshape the insurance industry from an economic and business perspective, as well as to identify which are the challenges and enablers that specifically affect blockchain adoption within this industry, through a Systematic Literature Review (SRL). We also classify existing challenges into five strategic areas: Social, Technological, Environmental, Economic, and Political. Additionally, we provide several recommendations to the manager on identifying the existing hurdles and smoothing transformation.