Insurance Process using Blockchain
Himanshu Chandnani, Kapil Kripalani, Yash M. Lalwani, Pooja Shetty · Journal of Emerging Technologies and Innovative Research · 2021
Blockchain is a fast disruptive technology becoming a key instrument in the shared economy. In recent years, Blockchain has not only received a considerable amount of attention from many research and government institutions but also from academy and industry. Since it is considered a breakthrough technology, it could bring benefits to many different sectors. Insurance is one of the sectors that, among others, which started to carefully examine the possibility of blockchain. The field of Insurance has taken a giant leap at the threshold of the twentieth century. Over time insurance has become an integral part of the life of man all over the world. Claim management is one of the most challenging business processes in the insurance sector. With the number of stakeholders involved, the dependencies and the logistics, there is a need to eliminate manual involvements Insurance process is an expert system which generates the rules and regulations for the assessment of general damage using the key information in the medical report, surveyor report, loss accessor’s report. The insurance process regulates the payment of general damages also payment of the loss of future earnings. The objective of the paper is to give a gist about how the insurance company settles the claims, the procedure that is followed, which does not involve any intermediate.