Insurance claiming process based on blockchain technology using smart contract

Abstract

In modern society, blockchain technology is used to improve traditional companies. One type of traditional companies are insurance companies. These companies suffer several problems that are leading to decrease their efficiency in modern societies. The insurance industry is heavily dependent on multiple processes between transacting parties for initiating, maintaining and closing a different kind of policies. The main problems of these companies are that their operations are not transparent. In addition, considering the potential of the smart contract of the blockchain, determining insurance rates must be transparent. The application of blockchain in FinTech processing requires a deep understanding of the underlying business processes. In this study, we focus on the design of an efficient approach for processing insurance related transactions based on a blockchain-enabled platform.