Blockchain-Enhanced Smart Contract for Cost-Effective Insurance Claims Processing
Article
Wang, Qiping, Lau, Raymond Yiu Keung, Si, Yain-Whar, Xie, Haoran and Tao, Xiaohui. 2023. "Blockchain-Enhanced Smart Contract for Cost-Effective Insurance Claims Processing." Journal of Global Information Management. 31 (7). https://doi.org/10.4018/JGIM.329927
Article Title | Blockchain-Enhanced Smart Contract for Cost-Effective Insurance Claims Processing |
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ERA Journal ID | 17999 |
Article Category | Article |
Authors | Wang, Qiping, Lau, Raymond Yiu Keung, Si, Yain-Whar, Xie, Haoran and Tao, Xiaohui |
Journal Title | Journal of Global Information Management |
Journal Citation | 31 (7) |
Number of Pages | 21 |
Year | 2023 |
Publisher | IGI Global |
Place of Publication | United States |
ISSN | 1062-7375 |
1533-7995 | |
Digital Object Identifier (DOI) | https://doi.org/10.4018/JGIM.329927 |
Web Address (URL) | https://www.igi-global.com/gateway/article/329927 |
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. |
Keywords | Blockchain |
ANZSRC Field of Research 2020 | 460502. Data mining and knowledge discovery |
Byline Affiliations | East China Normal University, China |
City University of Hong Kong, China | |
University of Macau, China | |
Lingnan Normal University, China | |
University of Southern Queensland |
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