Understanding the Need of BlockChain Technology and Artificial Intelligence, and Transformation of Financial Services: A Conceptual Framework

Blockchain technology is a decentralized and immutable ledger that enables secure and transparent transactions. It operates through a link of computers that are recognized as nodes, where each node keeps a duplicate of the ledger. By removing the necessity for mediators, Blockchain ensures trust, security, and transaction efficiency, making it suitable for various applications beyond cryptocurrencies. The analysis of numerous papers reviewed captures an innovative change in technology in the insurance industry therefore concludes on the basis of the review of different articles, and website searches, that the positioning of Artificial intelligence systems in the financial industry particularly the insurance sector will continue to increase due to advances in technology and transformation toward digital financial services. The use of artificial intelligence systems can bring substantial benefits such as reduced cost, productivity increase, and better risk management.