Prioritization of Factors Affecting Blockchain Implementation in the Insurance Industry Based on Scenario Planning

Subject Areas : Financial Economics

Mohammad Eftekhari ¹ , Fatemeh Sarraf ² , Nowrouz Nourollahzadeh ³ , Zohreh Hajiha ⁴

1 -
2 - Associate Professor, Accounting Department, South Tehran Branch, Islamic Azad University, Tehran, Iran
3 - Asistant Professor of Accounting, Islamic Azad University Tehran South, Iran
4 - Professor of Accounting Department, South Tehran Branch, Islamic Azad University, Tehran, Iran

Received: 2025-03-15 Accepted : 2025-07-13

Keywords: Blockchain, insurance industry, implementation, digital transformation, drivers,

Abstract :

The implementation of blockchain in the insurance industry can significantly transform its processes, offering benefits such as increased transparency, reduced costs, and improved data security. However, implementing this technology in Iran's insurance industry faces challenges such as financial, infrastructural, and regulatory limitations. This study identifies and prioritizes the environmental drivers affecting the implementation of blockchain in the Iranian insurance industry and introduces three potential scenarios for this process: gradual and experimental, inter-organizational collaboration, and full digital transformation. In this research, drivers such as regulatory adaptability, financial and economic constraints, digital infrastructure readiness, and development of specialized human resources have been identified as key factors in each scenario. In the gradual and experimental scenario, blockchain implementation starts on a limited scale to identify and assess problems and risks. The inter-organizational collaboration scenario emphasizes the creation of shared blockchain networks, which can improve insurance industry performance by reducing costs and enhancing transparency. Finally, the full digital transformation scenario requires significant investment in digital infrastructure and specialized human resources to fully leverage blockchain in insurance processes. Drivers such as digital infrastructure development, increased global competition, and standardization play a vital role in the success of blockchain implementation and can accelerate this transformation.

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