Source: http://fkd.org.ua/article/view/163063
Timestamp: 2019-04-25 04:02:43+00:00

Document:
For insurance sector it was investigated that the blockchain technology is still in the innovation trigger phase, meaning that the spectrum of possible applications has not been fully explored yet. Insurers are currently requested to make a hard decision, that is, whether to adopt blockchain or not. The objective of this paperis to show the prospects for the transformation of insurance operational business processes in the context of innovative technologies.The research focuses precisely on the insurance sector, because among of 80 new, but real opportunities of using the blockchain technology, almost a quarter-ininsurance. Blockchain technology in combination with smart contracts can positively transform all insurers’ internal processes (from customer involvement, underwriting to loss management and fraud avoidance), and even allow companies to enter new markets with new products.
The article outlines the opportunities and potential of applying blockchain technology by the insurance sector of financial market, highlights the strengths and weaknesses of the technology, identifies the key advantages that blockchain provides for each of the insurer's main operational business processes: developing and selling an insurance product, data entry / identity assessment, risk assessment / premium calculation, customer service / back office, loss settlement and asset management.
The study concludes that it is important for Ukrainian insurers today to acquire the necessary competencies by developing prototype blockchain solutions and asses show the technology will affect the existing insurance business model and how it will be accepted by staff and customers. Insurers can begin to act by focusing attention on three broad topics: the innovation landscape, their own priority areas for action, and possible operating models.
innovative technologies; blockchain; insurance; smart contracts; business рrocesses.
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