Volume 14, Number 6

Turning the Disruptive Power of Blockchain in the Insurance Market into Innovative Opportunities


Wadnerson Boileau, University of South Florida (USF), USA


Insurance has been around for more than centuries. This risk mitigation strategy has been utilized in maritime commerce as early thousand years ago, where Asian merchant seafarers were pooling together their wares in collective funds to pay for damages of individual’s capsized ship. In 2018, insurance industry made up 6% of global domestic product, and amounted to about 7-9% of the U.S.GDP;2020, the industry net premiums totalled $1.28 trillion, by 2030, blockchain insurance market value is estimated to reach $39.5 Billion. Despite of growing reform, the insurance market is dominated by intermediaries assisting people to match their insurance needs. While many predictions focused on artificial intelligence, cloud computing, blockchain stands out as the most disruptive technology that can change the driving forces underlying the global economy. This paper presents a blockchain business use case and how insurance market can turn disruptive power of this technology into innovative opportunities.


Blockchain, insurance, risk management, process improvement, claims processing.