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A Blockchain Technology Utilization, Development Direction, and Tasks in Insurance Business Arena

  • Legal Theory & Practice Review
  • Abbr : LTPR
  • 2022, 10(2), pp.303-326
  • Publisher : The Korea Society for Legal Theory and Practice Inc.
  • Research Area : Social Science > Law
  • Received : May 9, 2022
  • Accepted : May 26, 2022
  • Published : May 31, 2022

Joon Mo Kang 1

1호서대학교

Accredited

ABSTRACT

Blockchain is widely recognized among insurance companies as one of the powerful advanced technologies that can transform the insurance business. Compared to existing systems, blockchain has an advantage in that it is difficult to manipulate data and is resistant to system failures. It is also characterized by being able to implement smart contracts. A variety of platforms are used for different purposes. Domestic and foreign insurance companies are reviewing for practical use. For example, there are international consortium B3i, AIG's multinational insurance, and efforts to build a marine insurance platform in which multiple stakeholders participate. The development of aviation insurance that automatically pays insurance in case of flight delay is also active. In some cases, there are cases in which history information managed by a third party is used for damage assessment or on-demand insurance. What is the starting point for the use of blockchain in the insurance field? The blockchain application (implementation) cases so far can be summarized in the following three cases. 1. Scope of participants: ① Within insurance companies, ② Between insurance companies, ③ Between insurance companies and vendors (ecosystem), 2. Benefits: ① Distributed ledger, ② Distributed ledger and smart contract, 3. Innovation : ① non-disrupt, ② disrupt, etc. In the future, there is room for development into P2P insurance, parametric insurance, and micro insurance. As blockchain is an immature technology, various challenges are being pointed out, such as securing confidentiality, responding to mass transactions and processing delays, problems with the reliability of external data sources, and insufficiency of the smart contract itself. In the case of data leakage in an ecosystem type, there is a possibility that a new issue of responsibility or jurisdiction may arise. It is said that a lot of time and investment is required to put it into practical use in the insurance business. We look forward to the advancement of technology in the future, and at the same time expect that the introduction of technology will be actively promoted in areas with high feasibility.

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