Insurance is a critical, multi-trillion dollar industry that contributes significantly to the global economy by managing risks for both large corporations and individuals. Despite its importance, the industry faces challenges, primarily due to a lack of transparency and the misalignment of incentives between policyholders and providers. This often leads to complex and opaque claims processes, fostering distrust and contributing to high costs from fraudulent claims. Emerging technologies like blockchain and smart contracts offer potential solutions by providing transparency, efficiency, and reducing the reliance on trust-based systems. These technologies enable automated, data-driven processes that streamline claims handling and make insurance more accessible, especially in regions with unreliable financial infrastructures. They also allow for more accurate pricing and policy management by using verifiable data sources, thus reducing costs and fostering a fairer and more transparent insurance ecosystem. As the industry shifts towards these innovations, the reliance on third-party data and decentralized oracle networks, like Chainlink, is expected to increase, offering new opportunities for data providers and insurers to engage with blockchain-enabled models.