A Framework for Platform-Agnostic Blockchain and IoT based Insurance System (original) (raw)

Secure and Transparent Insurance Application using Blockchain Technology

IRJET, 2022

In recent times, getting insurance and filing a claim can be a lengthy and time-consuming process. The majority of insurance claims are denied by the insurance company due to time delays in a large amount of paperwork. Thus, we are proposing the use of permissioned based blockchain solutions including four peers namely insurance peer, police peer, shop peer and technical support(repair) peer for the insurance industry in application and claiming process. It ensures that data is transferred, claims and applications are processed, and fraud is prevented in a more secure, transparent, and time efficient manner. The permissioned blockchain network applied is Hyperledger Fabric and smart contracts are written in Go language because of Go language compatibility with the Hyperledger blockchain architecture.

Blockchain: The Future of Insurance

International Journal for Research in Applied Science and Engineering Technology IJRASET, 2020

Insurance is a big financial market with a high-risk high-gain margin. But the insurance system existing in the current scenario has a lot of dependencies both on the Insurance provider as well as the consumer. With its distributed ledger, smart contracts, and non-repudiation capabilities, blockchain is revolutionizing the way financial organizations do business, and the insurance industry is no exception. Through blockchain this system can be optimized to reduce costs and the middlemen dependency involved, by managing information in a smarter way. The main idea is to establish a peer to peer system of consensus for claiming insurance without the hassle of involving insurance surveyors or other non-involved parties.

Secured Insurance Framework Using Blockchain and Smart Contract

Scientific Programming, 2021

Traditional insurance policy settlement is a manual process that is never hassle-free. There are many issues, such as hidden conditions from the insurer or fraud claims by the insured, making the settlement process rough. This process also consumes a significant amount of time that makes the process very inefficient. This whole scenario can be disrupted by the implementation of blockchain and smart contracts in insurance. Blockchain and innovative contract technology can provide immutable data storage, security, transparency, authenticity, and security while any transaction process is triggered. With the implementation of blockchain, the whole insurance process, from authentication to claim settlement, can be done with more transparency and security. A blockchain is a virtual chain of data blocks that is a decentralized technology. Any transaction or change in the blocks is done after the decentralized validator entity, not a single person. The smart contract is a unique facility st...

BLOCKCHAIN IN INSURANCE INDUSTRY: TURNING THREAT INTO INNOVATIVE OPPORTUNITIES 1

Wadnerson Boileau, 2022

Emerging technologies in recent years are sharping the insurance industry, its ecosystem and future labor force require new skills sets and tremendous adjustability. Historically, 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’s capsized ship. In 2018, insurance industry made up 6% of global gross domestic product (GDP) while financial and insurance industry amounted to about 7-9% of the US GDP. According to S&P Global Market Intelligence, in 2020, insurance industry plays a vital role in the U.S. economy, not only by, the industry net premiums written totaled 1.28trillion,numberofjobscreated2.9million,butalsothescaleofinvestments1.28 trillion, number of jobs created 2.9 million, but also the scale of investments 1.28trillion,numberofjobscreated2.9million,butalsothescaleofinvestments2.0 trillion. Despite of growing reform in this sector, insurance market is still dominated by intermediaries assisting people to understand and match the insurance needs with specific tailored line of product. While many predictions focused on artificial intelligence, social media, cloud computing as the technology of the future decades of business, blockchain stands out as the most disruptive technology that can change the driving forces underlying of the global economy including the financial, health, insurance, supply chain, manufacturing, and food sectors. Implementing a blockchain solution in insurance industry will greatly improve the current way of doing business by faster processing claims and applications, keeping documents digitally secure, and minimize cost. Additionally, it could potentially save insurance industry a significant portion of $200 billion a year in operating cost. This paper is an attempt of presenting blockchain use cases in insurance, demonstrating how the insurance industry can turn blockchain technology threat into innovative opportunities. It also examines this technology potential role in addressing insurance biggest challenges such as fraud detection, false claims identification, and forgeries prevention. The key findings of this study indicate: (1) advances in distributed ledger technology (DLT) offer opportunities for both conventional insurers and new start-up agencies for creating new business models and/or revamping existing ones, (2) blockchain-based solutions can increase efficiency and improve outcomes hugely in some use cases by lowering operational cost and automating redundant process.

BIS- A Blockchain-based Solution for the Insurance Industry in Smart Cities

ArXiv, 2020

Insurance is one of the fundamental services offered to the citizens to reduce their costs and assist them in case of an emergency. One of the most important challenges in the insurance industry is to address liability challenge and the forging of documents by the involved parties, i.e., insurance company or the users, in order to increase financial gain. Conventional methods to address this challenge is significantly time consuming and costly and also suffers from lock of transparency. In this paper, we propose a blockchain-based solution for the insurance industry in smart cities (BIS). BIS creates a big umbrella that consists of the smart city managers, insurance companies, users, and sensors and devices. The users are known by changeable Public Keys (PKs) that introduces a level of anonymity. The data collected by the sensors is stored in cloud or local storage and is shared with insurance company on demand to find the liable party that in turn increases the privacy of the users...

CioSy: A Collaborative Blockchain-Based Insurance System

Electronics, 2021

The insurance industry is heavily dependent on several processes executed among multiple entities, such as insurer, insured, and third-party services. The increasingly competitive environment is pushing insurance companies to use advanced technologies to address multiple challenges, namely lack of trust, lack of transparency, and economic instability. To this end, blockchain is used as an emerging technology that enables transparent and secure data storage and transmission. In this paper, we propose CioSy, a collaborative blockchain-based insurance system for monitoring and processing the insurance transactions. To the best of our knowledge, the existing approaches do not consider collaborative insurance to achieve an automated, transparent, and tamper-proof solution. CioSy aims at automating the insurance policy processing, claim handling, and payment using smart contracts. For validation purposes, an experimental prototype is developed on Ethereum blockchain. Our experimental resu...

IRJET- Insurance Application Using Blockchain Technology: A Survey

IRJET, 2021

In today's world, the insurance applying & claiming process is a very tiresome and time-consuming process. Insurance companies face a lot of fraudulent claims and lose billions of dollars every year to such claims. The customer also faces a lot of time to claim their insurance on damaged or stolen goods as the insurance companies have to go through a lot of paperwork's before redeeming the amount to the consumer. This creates an opaque and untrusty environment between the company and their clients. Due to frauds, delay in reimbursement, non-transparent and unsecure insurance process there is a need of a digital platform to address to these issues. Blockchain technology in the insurance domain ensures a more secure, transparent & time efficient way data is exchanged, claims & applications are processed and fraud is prevented. In this survey paper, we focus on an efficient approach for processing insurance related transactions based on blockchain-based platform. We have done an in-depth study on the existing different blockchain platforms, smart contract techniques and algorithms for an insurance application implemented on blockchain.

IRJET- BI: Blockchain in Insurance

IRJET, 2020

We all live in a world with various types of properties through which people invest their money in the market. Insurance helps gain from these financial losses. The insurer gets a compensation against the losses from an insurance company. The trust and accountability in auto-insurance in past few years has been damaged to an irreversible extent. People make fraud claims or are invoiced of services that were never provided to them. Insurance industry has nearly lost 13.3 billion in 2011 alone because of frauds. Blockchain in Insurance (BI) provides a secure way to make the system accountable and trustable from the customer's point of view. It also provides digital smart contracts to capture obligations and terms binding the insurer and insure along with improving accuracy of pricing through quantification of risk. Policyholders will be provided verifiable information which is being encrypted and also simplify claiming and assessment which promotes fraud-less transaction with more transparency. BI promotes automation of claiming process and better on-boarding of policyholders while keeping their data free from third party access. BI uses blockchain technology which can remove 15%-25% of the expenses incurred during the insurance process due to falsified thus saving around 5-10 billion.

Introduction to LifeBlocks: A Blockchain based Insurance Platform

2020

In India, the insurance sector is rife with inefficiencies. The entire process, from buying an insurance policy to settling claims, has numerous stumbling blocks. Blockchain is considered as a disruptive technology that could revolutionize and bring huge benefits to the insurance sector. It can be can be a game-changer, making the entire insurance process simpler, secure and efficient. Through this paper, we are proposing a blockchain based system "LifeBlocks" to solve various problems in the insurance sector. The paper talks about the problems in the current insurance process and how our system overcomes these problems. The paper discusses the four major use-cases of the system along with technologies like Parity Ethereum, InterPlanetary File System (IPFS) and Smart Contracts used to develop our insurance platform.

Decentralized Insurance Application using Blockchain

International Journal for Research in Applied Science and Engineering Technology IJRASET, 2020

The blockchain emerges as a tool that potentially impacts the way we design sort of applications today. The insurance industry is heavily enthusiastic to multiple processes between transacting parties for initiating, maintaining and shutting diverse quite policies. These process are heavily hooked in to each other for proceeding the appliance to subsequent level and requires many time in processing the applications manually to approve those applications. These delayed processes may delay the insurer from funded with insurance amount. Transaction log for these quite transactions got to be maintained to detect fraud wiped out the sector of Insurance and process that are followed. A Distributed Decentralized application using blockchain and Hyperledger Fabric could also be a feasible solution for addressing all the issues and may act as a platform for seamless approval of insurance applications using smart contracts or Chain codes which makes tasks easier and may completed within short span of your time.