Classification and Analysis of Blockchain Technology Acquisition Methods Used by Leading Companies in the Insurance Industry

Document Type : Original Article

Authors
Yousef Kakavandi 1
Mehdi Mohammadi 2
Mohammad Abooyee Ardakan 3
Jalil Heidary Dahooie 2
Rahman Sharifzadeh 4
1 PhD Candidate, Department of Technology Management, College of Management, University of Tehran, Tehran, Iran
2 Associate Prof., Industrial Management, College of Management, University of Tehran, Tehran, Iran
3 Associate Prof., Department of Leadership and Human Capital, College of Management, University of Tehran, Tehran, Iran
4 Assistant Prof., Institute of Society and Information, Iranian Research Institute for Information Science and Technology (IranDoc), Tehran, Iran
10.22034/aimj.2025.495353.1620
Abstract
This article classifies and analyzes the methods of blockchain technology acquisition adopted by leading companies in the insurance industry. As blockchain continues to evolve, its impact on various industries is growing. However, most existing research on blockchain lacks a specific focus on individual industries, highlighting the need for targeted studies within specific sectors. By examining various industries and practical use cases of blockchain, this study focuses on the insurance industry. Despite existing research in this field, most studies either lack an examination of practical examples or only reference a limited number of implemented cases. This research gap underscores the necessity for a comprehensive investigation into how major and leading companies in the insurance industry acquire blockchain technology. To address this gap, a multiple-case study approach was employed, selecting 30 large insurance companies that hold the majority of the market share in this industry. The methods of blockchain technology acquisition were identified for 18 of these companies. Using a comprehensive framework, the analysis identified six primary acquisition methods that these companies most frequently employ to effectively integrate blockchain technology into their operations. Additionally, the reasons for adopting these methods were examined and analyzed. Our findings provide a framework for understanding how industry leaders navigate the challenges and opportunities presented by blockchain. This enables other insurers to identify and adopt blockchain technology acquisition strategies tailored to their specific contexts. This research contributes to a deeper understanding of the practical applications of blockchain in the insurance sector and offers insights for both current insurance companies and emerging players in the industry.

Keywords

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  • Receive Date 23 December 2024
  • Revise Date 22 February 2025
  • Accept Date 23 February 2025