Revolutionizing Insurance Sector in India: A Case of Blockchain Adoption Challenges
SAEED, Maryam, Noman Arshed · International Journal of Contemporary Economics and Administrative Sciences - International Journal of Contemporary Economics and Administrative Sciences · 2022
Abstract Insurance concept was found numerous centuries before Christ (BC). Correspondingly, Chinese and Babylonian traders practised moving or dispensing risks in 2nd and 3rd millennia B.C. Nowadays, insurance is the backbone of the economy, but developing economies face challenges in increasing its penetration. The recent introduction of Big Data, Blockchain, IoT and InsurTech led to the fourth industrial revolution in insurance in the developed world. This study explores the challenges and solutions in adopting blockchain technology to increase insurance penetration in India. This study applied a systematic literature review (SLR) to extract the themes/variables relating to challenges and solutions in adopting big data analytics in India's insurance sector. The several keywords used to search relevant literature from Google Scholar and Emerald. Based on inclusion and exclusion criteria, the filtered studies were explored. This study listed several challenges and their solutions in the adoption of blockchain technology in the Indian insurance industry. Policymakers could adapt to the suggestions to improve the service delivery insurance sector.