Blockchain Based Insurance Claims

Blockchain Based Insurance Claims

Author Name : Ayush Kumar Singh, Divyanshi Srivastava, Ayush Ranjan, Ayush Pandey, Ayasha Malik

ABSTRACT Blockchain based insurance claims system is the concept where we are integrating the blockchain technology in insurance sector for the better result of insurance claims & to make it easier & faster for the consumers. Reducing the gaps in insurance claims sector is the goal of this blockchain-based proposal. Blockchain technology will assist in connecting all of the modules involved in the insurance claim procedure. This will also hold up the claim & personal information data security, connectivity and history preservation by integrating the blockchain. Blockchainbased insurance claim is a streamline process enhancing transparency, reducing fraud, and enabling faster payouts through smart contracts and ensuring a secure and efficient claim settlement. In this work, we are developing a blockchain-based insurance web application that will reduce the fraud and expedites claiming procedure of insurance for all the involved party. We are aiming to create a system that will offer the seamless cross-border transactions without the need for intermediaries in the insurance of users.