Blockchain-based Application for Insurance Claims Management

Abstract

Blockchain technology is a public ledger that offers transparency and trust due to “immutable” (unchangeable) and auditable data. The industry for blockchain-based insurance only first reached scale recently. The ability of applications to automatically execute on the blockchain leads to cost reductions and scale advantages. In this thesis, we demonstrate the claims process is more (cost) efficient and transparent however lacks standardization and trustworthiness when benchmarked against traditional insurance products. To address these limitations, we developed the Blockchain Claims Standard Application (BCSA). The BCSA application is a novel solution that enables a standardized approach to claims management for blockchain-based insurance products. Access to the application is available through a user interface as well as ABIs (Contract Application Binary Interface) for integration with existing blockchain-based insurance products. The solution enables improvements for claims management over existing solutions in terms of standardization, efficiency, and trustworthiness to allow the adoption of blockchain-based insurance.