  Insurance has been around for more than centuries. This risk mitigation
strategy has been utilized in maritime commerce as early thousand years ago,
where Asian merchant seafarers were pooling together their wares in collective
funds to pay for damages of individual capsized ship. In 2018, insurance
industry made up 6 percent of global GDP while financial industry amounted to
about 7 to 9 percent of the US GDP.2020, the industry net premiums totaled
USD1.28 trillion, by 2030, blockchain insurance market value is estimated to
reach USD39.5 Billion. Despite of growing reform, the insurance market is
dominated by intermediaries assisting people to match their insurance needs.
While many predictions focused on artificial intelligence, cloud computing,
blockchain stands out as the most disruptive technology that can change the
driving forces underlying the global economy. This paper presents a blockchain
business use case and how insurance industry can turn blockchain disruptive
power into innovative opportunities.
