Developing a Socio-Technical PPTO Framework for Blockchain-Based Real-World Asset Tokenization in Digital Life Insurance

Abstract

The life insurance industry in Indonesia faces significant challenges amid a demographic shift toward younger generations characterized by high digital literacy and increasing demands for financial transparency. Blockchain-based Real-World Asset (RWA) tokenization has emerged as a promising innovation to enhance transparency, secure policy value stability, and mitigate fraud risks. However, existing studies remain predominantly technology-centric, emphasizing smart contracts and decentralization while paying limited attention to non-technical dimensions. Consequently, a holistic and validated mapping of components required for RWA implementation in life insurance is still lacking. This study aims to identify and map the key components of RWA tokenization within the People, Process, Technology, and Operations (PPTO) framework. A multi-method approach was employed, combining a Systematic Literature Review (SLR) based on the PRISMA protocol and expert validation through in-depth interviews. The SLR analyzed 12 primary studies, followed by validation involving eight cross-disciplinary experts, including insurance practitioners, computer science academics, and asset tokenization industry representatives. The findings identified 14 key components that were validated through triangulation and systematically mapped across the four PPTO dimensions. The results demonstrate that the RWA ecosystem in life insurance represents a socio-technical system rather than merely a technological innovation. The primary contribution of this research is the extension of the traditional People–Process–Technology (PPT) framework by incorporating the Operations dimension, which accommodates regulatory compliance, layered governance, and operational sustainability. This validated component framework provides a foundation for developing an RWA integration model for digital life insurance in Indonesia.