In insurance, the hurdles of the industry include fraud, manual processes, inefficient data sharing, etc.

The document covers the following aspects of adopting the technology by insurance companies:

Why blockchain: an overview of the technology, smart contracts, and types of a decentralized ledger

How blockchain can help insurers in mitigating fraud, sharing records, automating data gathering and transaction processing, etc.

Calculation of cost and time savings due to workflow automation and elimination of intermediaries

In addition, the study investigates scenarios where blockchain fits best, as well as highlights some technical aspects of implementation.