Abstract
The insurance industry is heavily dependent on several processes executed among multiple entities, such as insurer, insured, and third-party services. The increasingly competitive environment is pushing insurance companies to use advanced technologies to address multiple challenges, namely lack of trust, lack of transparency, and economic instability. To this end, blockchain is used as an emerging technology that enables transparent and secure data storage and transmission. In this paper, we propose CioSy, a collaborative blockchain-based insurance system for monitoring and processing the insurance transactions. To the best of our knowledge, the existing approaches do not consider collaborative insurance to achieve an automated, transparent, and tamper-proof solution. CioSy aims at automating the insurance policy processing, claim handling, and payment using smart contracts. For validation purposes, an experimental prototype is developed on Ethereum blockchain. Our experimental results show that the proposed approach is both feasible and economical in terms of time and cost.
Highlights
The insurance industry has seen an unprecedented growth during the last decade due to, at least in part, advancements in communication and computation technologies
We introduce the machine-readable and self-enforcing insurance policies and claims based on voting mechanisms and external oracles as well as detail the working principles of the proposed blockchain-based insurance system
Due to the lack of space, we provide the full definition of the smart contracts at our Github-repository
Summary
The insurance industry has seen an unprecedented growth during the last decade due to, at least in part, advancements in communication and computation technologies. The new futuristic technologies have positively impacted our lives in many sectors, such as health, transport, business, and so on. Like other beneficiaries of the today’s cutting edge computation and communication technologies, the insurance industry is no exception. To keep up with the emerging trends, the insurance industry is harnessing the benefits of the existing futuristic technologies. It is worth mentioning that the insurance industry covers many dimensions among which life, Property and Casualty (P&C), and health are primarily important. The processes involved in the insurance industry depend on the transacting entities for initiation, maintenance, and closure of the insurance policies [1]. Each insurance policy, which is a contract between the insurer and the insured, referred to as the policyholder, determines the claims that the insurer is legally required to pay, as well as the premium that the insurer promises to pay periodically (e.g., monthly)
Sign-in/Register to view highlights & summary 
Published Version (
Free)
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call