Insurtech & Blockchain: Implementation of Technology in Insurance Operations and its Environmental Impact

Abstract

While the digital had reshaped our world, the insurance industry moves very slow comparing to other domains. Insurtech is the future of insurance industry, it seen as a subdivision of Fintechs; it refers to a wide range of technology that will be introduced to insurers operations to save streamline processes and costs. Indeed, as banking institutions began changing the customer behavior through the combination of technology and finance, to provide self-functionality, this paper research aims to examine and demonstrate the necessity of implementing technology in insurance sector, first to enhance the consumers' expectations, and second to support the environment case against the use of countless amount of paper. This study combines different factors to find the better way to include technology in Moroccan insurance industry, as well as We discussed the challenges and limitation of the results. With everything taking in consideration there is no better time like the present for the Moroccan insurances incumbents to adopt the concept of Insurtech to their business models, furthermore with the consequences of the pandemic COVID19, which proves that we can do almost everything online.