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

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

doi:10.4018/JGIM.329927

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

Department of Computing and Decision Sciences

Research output: Journal Publications › Journal Article (refereed) › peer-review

2 Citations (Scopus)

Abstract

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 language	English
Pages (from-to)	1-21
Number of pages	21
Journal	Journal of Global Information Management
Volume	31
Issue number	7
Early online date	6 Sept 2023
DOIs	https://doi.org/10.4018/JGIM.329927
Publication status	Published - 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.

Keywords

Blockchain
Design Science
Fintech
Insurance Claims Processing
Smart Contract

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10.4018/JGIM.329927Licence: CC BY

Cite this

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title = "Blockchain-Enhanced Smart Contract for Cost-Effective Insurance Claims Processing",

abstract = "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.",

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author = "Qiping WANG and LAU, {Raymond Yiu Keung} and SI, {Yain Whar} and Haoran XIE and Xiaohui TAO",

note = "Funding Information: Wang{\textquoteright}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{\textquoteright}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{\textquoteright}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: {\textcopyright} 2023 IGI Global. All rights reserved.",

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N2 - 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.

AB - 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.

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

Abstract

Bibliographical note

Keywords

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

Abstract

Bibliographical note

Keywords

Access to Document

Other files and links

Fingerprint

Projects

Data Augmentation Techniques for Contrastive Sentence Representation Learning

Modeling Bitcoin Transaction Network via Structural Identity Representation

Cluster-level Social Emotion Classification Across Domains

Cite this