Web3 enhanced Insurance System using Ethereum Smart Contract

Abstract

Abstract:-The traditional insurance industry has long struggled with inefficiencies, too much paperwork, and complex processes for handling policies and claims. This often means waiting a long time for claims to be sorted out because of all the go-betweens involved. To solve these issues, we're putting forward a new web3 solution that uses Blockchain technology. Our plan uses smart contracts to make managing policies and processing claims simpler, and we don't need all those middlemen. This change has lots of good points like stopping fraud, making everything more transparent and trustworthy, and making things happen faster. Instead of sticking with the old ways of doing insurance, we're bringing Blockchain into the mix and keeping track of policies and transactions using smart contracts. This shift means fewer middlemen and a much more efficient system overall. We've tested our idea with an experimental model in the web3 framework, and it's shown that our plan works and is cost-effective and quick. Keywords: Insurance Blockchain · Smart Contract · web3 Insurance System· Quick Claims Processing · Cost Effective web3 Insurance