Transforming Insurance Processes with ICP Blockchain Integration
Priya Makarand Shelke, Pawan Wawage, Nilesh P. Sable, Suruchi Gaurav Dedgaonkar, Manoj Jagdale, Pradnya Kulkarni · 2024
The conventional insurance sector is widely recognized for its inefficiencies, exorbitant costs, and restricted accessibility. The integration of Internet Computer Protocol (ICP) and blockchain technology presents a revolutionary shift in the management of insurance processes. This paper explores the transformative potential of ICP in automating and decentralizing key insurance operations such as underwriting, policy management, and claims processing. By leveraging the MotoKo framework, an innovative decentralized insurance platform, we propose an architecture that utilizes smart contracts, decentralized oracles, and automated governance to increase transparency, reduce operational costs, and enhance accessibility. ICP's high-speed transaction processing capabilities and scalability provide a robust infrastructure for global insurance solutions, removing the need for traditional intermediaries and ensuring data security.