Economic Strategy

Economic Strategy

Strategic Model for Implementing Blockchain in Third-Party Insurance: Challenges and Opportunities

Document Type : Original Article

Authors
SAEED RANJBAR 1
AMIR MOHAMMADI 2
SEYEDYASER EBRAHIMIAN 3
1 Master of Management, Department of Management, Faculty of Management, Farvardin University, Ghaemshahr, Iran
2 Master of Management, Department of Management, Faculty of Management, Farvardin University, Ghaemshahr, Iran.
3 Assistant Professor of Management, Faculty of Management, Farvardin University, Ghaemshahr, Iran.
10.22034/es.2025.452840.1754
Abstract
This study aims to propose a strategic model for implementing blockchain technology in third-party insurance. As an innovative digital solution, blockchain offers significant potential for enhancing transparency, security, reducing operational costs, and automating processes in the insurance industry. Third-party insurance, which constitutes a substantial portion of the Iranian insurance sector, faces numerous challenges, including complex procedures, widespread fraud, and high operational expenses. This research utilizes SWOT analysis and comparative case studies from leading countries to evaluate the strengths and weaknesses of blockchain technology and identify opportunities and threats in its adoption within Iran. The findings indicate that blockchain, with its capabilities such as enhanced transparency, fraud reduction, and process acceleration, can significantly improve the performance of third-party insurance. However, challenges such as inadequate technological infrastructure, organizational resistance, and the absence of legal frameworks remain significant barriers to its implementation. Consequently, this study proposes a strategic model encompassing the enhancement of IT infrastructure, training specialized personnel, drafting supportive regulations, and fostering international collaborations. This model aims to reduce costs, increase efficiency, and build public trust in the insurance industry, ultimately contributing to the country's economic development.
Keywords
Blockchain
Third-Party Insurance
SWOT Analysis
Smart Contracts
Implementation Challenges

Subjects

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  • Receive Date 20 April 2024
  • Revise Date 04 December 2024
  • Accept Date 20 December 2024