Insurance Claim - using Blockchain Technology

Computer Engineering

This paper addresses the persistent issue of delays in insurance claims settlements, particularly in cases involving death or bodily injury. These delays are primarily caused by the intricate involvement of various stakeholders and the manual submission of documents, necessitating a more streamlined approach. The overarching objective is to expedite claim settlements, thereby improving customer satisfaction, safeguarding broker reputation, and sustaining the company's Net Promoter Score (NPS). To achieve these goals, the project employs innovative blockchain technology and smart contracts. By leveraging blockchain and Distributed Ledger Technology (DLT), the aim is to establish a seamless, transparent, and tamper-proof claims settlement process. A pivotal aspect of this initiative involves the creation of an immutable, industry-wide claims record. This centralized record effectively combats fraud by eliminating data fragmentation and enhancing overall transparency. Furthermore, this approach grants customers greater control over their data. Through mechanisms such as managing access rights and ensuring privacy, customers can actively participate in the claims settlement process, fostering trust and confidence in the insurance ecosystem. Overall, the project endeavors to revolutionize the traditional insurance landscape by introducing a more efficient and secure mechanism for claims processing, thereby benefiting all stakeholders involved.

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