Designing Smart Contracts on Insurance Claims to Support the Supply Chain Performance

Abstract

Blockchain as a distributed ledger technology that can guarantee transparency and speed in real time is increasingly being used to increase supply chain performance directly or indirectly.Blockchain in the form of smart contracts in the insurance business will speed up insurance claims and increase transparancy, which will indirectly improve supply chain performance.This article aims to identify the role of smart contracts in increasing efficiency and applying smart contract designs to disbursing life insurance claims.The method for designing and implementing smart contracts was developed on the Ethereum platform involving several parties such as insurers, customers, and CAIPY Dapp.CAIPY is the name of the system being developed.CAIPY ensures that the system can prevent data manipulation, data leakage and guarantees the security of the smart contract itself.This research includes planning what data is needed in the smart contract design.Based on these data requirements, a system architecture, system mechanism is prepared, and closed with the design of a smart contract.This research produces a life insurance claim system in the form of a website by utilizing smart contracts.Analysis of the impact of implementing this system found an accelerated claim process, transparency of reasons for rejection in real time, and claims that are guaranteed as long as the conditions meet the policy requirements.