Blockchain and IoT in developing Fintech Ecosystem- An assistance to Insurance Industry

PURPOSE- The Covid Pandemic has coerced the insurers to determine how best to meet the demands of their customers, provide service with minimal effort, and achieve their cost efficiency objective. The cost-efficiency objective of the insurance industry should also be aimed at freeing up funds to invest in new technologies and not lose sight of the transformation imperative. The insurance business, despite its size, is underrepresented in the literature. As a result, this paper explains how blockchain technology and IoT might benefit the insurance business. We go over the fundamentals of blockchain and IoT, the most prominent platforms already in use, and a short theoretical description of the insurance sub-processes that both the technologies can positively alter. We also go over the roadblocks that must be overcome in order to properly utilize blockchain technology in the insurance industry.RESEARCH METHODOLOGY- This study provides a qualitative assessment and analysis of journals, articles, and white papers on the implementation of Blockchain and IoT in the Insurance industry, as well as research trends. In addition, the study attempts to identify potential opportunities in the insurance business. The systematic review aims to bring together findings from several fields of study. The goal of this review article is to analyze both the literature sources to comprehend the actual levels of implementation and use cases, as well as to determine the direction in which the insurance industry is now heading in terms of technological adoption.ORIGINALITY- It also covers a wide range of study topics, as well as the most significant articles from the best journals. This paper also covers book chapters, conference papers, journal articles, review papers, white papers, and reports from various organizations.IMPLICATION- The research can prove to be a useful beginning point for new researchers looking for interesting and relevant research on the application and implementation of blockchain and IoT in general insurance.