Blockchain, InsurTech, and Smart Contracts: A Review of Compliance and Digital Shifts

This paper explores the transformative potential of blockchain and smart contracts in the insurance industry. It delves into how these technologies can revolutionise insurance operations, improving transparency, efficiency, and trust. The study analyses the integration and impact of blockchain in insurance, assesses operational and regulatory challenges, and explores the future trajectory of this technology in the sector. Key findings indicate a growing interest in blockchain among insurance professionals, balanced by challenges in adoption and integration. The paper concludes by highlighting the need for more research and collaboration to fully leverage blockchain in insurance, underscoring its significant potential to redefine industry dynamics.