Blockchain-Enhanced Smart Contract for Cost-Effective Insurance Claims Processing

Qiping WANG*, Raymond Yiu Keung LAU, Yain Whar SI, Haoran XIE, Xiaohui TAO

*Corresponding author for this work

Research output: Journal PublicationsJournal Article (refereed)peer-review


Blockchain-enabled smart contracts have revolutionized the insurance industry due to their potential to streamline backend operations, mitigate fraudulent claims, and enhance data security and transparency. Guided by the design science methodology, the authors propose two specific smart contract frameworks to enhance insurance claims processing related to vehicle damage claims and personal injury claims. These proposed frameworks can improve the overall efficiency and effectiveness of insurance claims processing by automating claims submission, review, analysis, and payment, while reducing fraud and data leakage, by merging various data sources and disintermediation. Furthermore, the authors design a smart contract template supported by eight operational algorithms to facilitate the processing of insurance claims with the help of smart contracts. This template provides practitioners with a standardized prototype for the development of secure and efficient insurance applications.

Original languageEnglish
Pages (from-to)1-21
Number of pages21
JournalJournal of Global Information Management
Issue number7
Early online date6 Sept 2023
Publication statusPublished - 2023

Bibliographical note

Funding Information:
Wang’s work was supported by grants from the National Natural Science Foundation of China (No. 72201100), Shanghai Pujiang Program (No. 22PJC036), Shanghai Soft Science Project (No. 23692121300), and the Fundamental Research Funds for the Central Universities (No. 2022ECNU-HLYT001). Lau’s work was supported by a grant from the Research Grants Council of the Hong Kong Special Administrative Region, China (Project: CityU 11507219), and a grant from the City University of Hong Kong SRG (Project: 7005196). Xie’s work was supported by Lam Woo Research Fund (LWP20019) and the Faculty Research Grants (DB22B4 and DB22B7) of Lingnan University, Hong Kong.

Publisher Copyright:
© 2023 IGI Global. All rights reserved.


  • Blockchain
  • Design Science
  • Fintech
  • Insurance Claims Processing
  • Smart Contract


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