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ИД «Финансы и кредит»






Digest Finance

Opportunities of using the Blockchain technology in the insurance industry

Vol. 27, Iss. 1, MARCH 2022

PDF  Article PDF Version

Received: 16 November 2018

Received in revised form: 3 December 2018

Accepted: 17 December 2018

Available online: 30 March 2022

Subject Heading: Insurance

JEL Classification: G22

Pages: 89–107


Andrei L. BELOUSOV Financial University under Government of Russian Federation, Moscow, Russian Federation


Anatolii A. SHUSTROV Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Subject. The article addresses a possibility to replace the traditional insurance model in the Russian Federation with a blockchain-based model. In conditions of increased fraud, such a replacement represents rather large benefits for both insurers and policy holders, therefore, there is a need to introduce blockchain technology in the insurance industry.
Objectives. The study focuses on the efficiency of blockchain technology in the insurance sector, possible solutions for its further operation, identifying the pros and cons of blockchain from the perspective of the insurer and the policy holder.
Methods. We apply general scientific and special methods. Using the analytical methodology, we investigate factors and conditions affecting the possibility of replacing the traditional insurance model with a completely new and revolutionary model, which rests on the blockchain technology.
Results. We disclose principles and areas of blockchain technology use in the insurance industry, underpin the need for blockchain introduction under conditions of increasing fraud, slow document circulation and mistrust between insurers and policy holders, define difficulties and prospects for the technology introduction.
Conclusions. It is necessary to change the traditional model of business process organization in the insurance industry by introducing modern information systems based on blockchain technology. This will enable to solve a number of currently problematic issues relating to the interests of both insurers and policy holders.

Keywords: blockchain, insurance, policy holder, insurant


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