HOW THE BLOCKCHAIN TECHNOLOGY CAN CHANGE THE VALUE CHAIN IN THE INSURANCE MARKET
HOW THE BLOCKCHAIN TECHNOLOGY CAN CHANGE THE VALUE CHAIN IN THE INSURANCE MARKET

Summary/Abstract: When we talk about blockchain technology, including in the insurance market, we look at this whole situation from at least three perspectives: decentralization, transparency and security and possible more competitive costs in conducting transactions. Another perspective is that of smart contracts and the elimination of intermediation in the value chain. In this article we will show the challenges that arise in the insurance market, what is the impact of the blockchain, how to change the value chain including by changing traditional business models and we will give an example of new types of insurance and business models and how they can be managed such new situations, in a new paradigm. We will also refer to how blockchain technology can be used in an insurance company by referring to the underwriting process, damage management, the relationship between insurers and reinsurers etc.

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