Purpose The purpose of this paper is to examine the operational and regulatory positions of the employment of Blockchain in the insurance industry. Blockchain technology has attracted wide interest from various stakeholders. Many theorists are predicting that this technology will disrupt financial services, including insurance. As stated that the development of blockchain is dependent on regulatory acceptance of this technology, it is essential to establish the current state of play with regard to the application and use of blockchain from a commercial and regulatory standpoints. Design/methodology/approach This review encompasses a number of approaches to view the current status of Blockchain applications. From a commercial approach, this research lists the current applications of blockchain within the insurance industry. From a regulatory point of view, the current positions of the EU and national regulatory bodies are enquired upon to establish how they are examining FinTech and Blockchain technologies within their regulatory processes. Findings This review illustrates a number of Blockchain applications in situ from a commercial point of view. From a regulatory setting and following a call from international and EU levels, it appears that various regulatory bodies have begun the process of formulating testing processes for FinTech applications. There are two predominant types in operation, while others are forming points of contact for advice for FinTechs and a small amount who have not begun the process at all. Research limitations/implications This review illustrates the current state of play of blockchain in insurance from a commercial and regulatory point of view. While this has been observational, this review pulls together information from various sources to encapsulate the regulatory positioning of evaluating FinTech and Blockchain technologies for academia, regulatory and industry audiences. Originality/value This review offers a central resource of information with regard to the current state of blockchain technologies in operation and regulatory approaches to this and other FinTech developments.
Purpose -While competition within car and home insurance increases through more players and also unfamiliar entrants to the market (supermarkets), the purpose of this paper is to report on a study of one large insurer in Ireland which attempts to differentiate itself from its peers. Design/methodology/approach -The paper does this through a literature review of the insurance market and customer relationship management, and a detailed study of the company loyalty programme and its application to its customers. Findings -The loyalty programme employed suits the particular sector in terms of purchase intention and also gives the customer of the insurance brand a sense of belonging and relevance where they can avail themselves of savings on related products. Research limitations/implications -Information sourced is based on published data from the company and other peer reviewed journals. This is a study on a simple loyalty programme that can be applied to low frequency purchases. Practical implications -This simplified loyalty programme gives the brand high recognition values in terms of how the brand is made relevant to the customer through discounted related products. Originality/value -As loyalty programmes are not a usual feature of financial services, this paper highlights a unique programme in operation that is being replicated elsewhere.
PurposeThe purpose of this paper is to chart the chronology of insurance regulation in Ireland and evaluate the integration within European Union directives.Design/methodology/approachThe approach used was to chart the development of insurance regulation in Ireland and establish the stakeholders in the insurance industry that are affected by regulation. The various aspects of the EU involvement in regulation were also listed.FindingsIreland is one of the few countries that has a single financial regulator that is the Central (Reserve) Bank. The Central Bank is recognised as the Irish national regulator for all insurance activities in the EU and with that carries responsibility for implementing EU directives. In comparing other regulatory systems, there is a mixture of direct government involvement, sector specific regulation, financial services regulation and Central Bank acting as regulator.Research limitations/implicationsResearch is based on literature review and data obtained from the EU regarding national regulators. It does not set a standard of regulation or compare different regulators but establishes the different forms of regulation in Ireland and the EU.Practical implicationsThe paper establishes Ireland's insurance regulatory environment amongst its European peers. It also charts the development of insurance regulation from solvency to the current model of solvency and consumer protection with the other offices of Financial Services Ombudsman.Originality/valueThe paper is based on research based on literature review and data obtained from the EU regarding national regulators.
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