The global insurance industry, valued in the trillions, is crucial for economic growth as it allows businesses and individuals to manage risk by transferring it to insurance companies. Despite its significance, the industry faces trust issues due to information asymmetry, where customers often have more information about their assets than insurers, leading to fraud and increased premiums. Emerging technologies like blockchain, smart contracts, and decentralized oracles offer potential solutions by enabling more transparent, automated, and secure insurance processes. These innovations promise to reduce fraud, lower costs, and enhance privacy, ultimately transforming traditional insurance models into decentralized systems that provide more equitable and efficient risk management. Chainlink's decentralized oracle network is highlighted as a tool to connect insurance contracts to reliable external data sources, ensuring data integrity and privacy while fostering new insurance models such as IoT-based and P2P insurance. The text envisions a future where smart contracts eliminate information asymmetry, reduce manual intervention, and restore trust between insurers and customers, urging industry players to explore these technologies to stay competitive.