INSURANCE OPPORTUNITIES AND CHALLENGES IN A CRYPTO CURRENCY WORLD

Abstract

Purpose: The study analysed the insurance opportunities and challenges in a cryptocurrency world. Materials and Methods: The research methodology used in this study consisted of a systematic literature review of previous studies from different scholars, that have discussed on insurance opportunities and challenges in the cryptocurrency world or research topic related to the study topic. This research method was preferred since it is quite reliable, cost-saving and time-saving as compared to primary research methods. This study relied more on online journals, articles and published work from libraries since they provide easy access to secondary information/data. Results: The results indicated that the reviewed studies had conceptual and contextual gaps. This is because most of them discussed on blockchain technology and smart contracts as the only components in the cryptocurrency market that insurance firms have tapped into. In addition, some of these studies have discussed on the opportunities and challenges in the real estate market and healthcare systems or a specific type of insurance firm rather than the bigger picture of the insurance industry. Unique contribution to the theory, practice and policy: The theories discussed in this study will be beneficial to the researchers and scholars since it gives a better understanding on the application of these theories to insurance and the cryptocurrency world. The researchers and scholars will also find this study relevant considering that studies on insurance opportunities and challenges in a cryptocurrency world are quite scarce. This study will provide a good literature base for their studies. Moreover, the identified research gaps in this study will act as a motivation to the different researchers and scholars to conduct more studies on related topics, thus bridging the research gaps on insurance opportunities and challenges in a cryptocurrency world. The study will provide a better understanding to the management of the insurance companies, on how they can invest on the various opportunities available in the cryptocurrency market. Further, the policymakers in the insurance industry will also benefit from the discussion on challenges that arise from adoption of blockchain technology and smart contract, as they implement various policies that promote growth of the insurance industry.