A Blockchain Framework for Secured Vehicle Insurance Claim Application Process

Authors

  • Archana Hombalimath,Dr. Priti Mishra,Dr. Bhagappa,Dr. Renuka Herakal(Patil)

Keywords:

Insurance industry, vehicle insurance, challenges , inefficiencies, fraud, , claim application process

Abstract

The insurance industry, particularly vehicle insurance, faces challenges such as inefficiencies,fraud, and lack of transparency in the claim application process. This paper introduces a blockchain-based framework for a secured vehicle insurance claim application process,utilizing Hyperledger Fabric and Composer to streamline operations, enhance transparency,and reduce fraudulent claims. The proposed framework leverages smart contracts to automate claim verification and settlement, decentralization to ensure transparency, and immutability to prevent data tampering. Experimental results demonstrate significant improvements in claim processing time, fraud detection, and customer satisfaction, providing a foundation for transforming the vehicle insurance industry.

References

Chen, Y., et al. (2018). "Blockchain Applications in Insurance: Opportunities and 2. Nguyen, T., et al. (2019). "Fraud Prevention in Insurance: The Blockchain Approach."

International Journal of Digital Technology, 8(1), 45-57. 3. Banerjee, S., & Choudhury, R. (2020). "Enhancing Transparency in Insurance Using

Blockchain." Insurance Technology Quarterly, 12(4), 198-210. Challenges." Journal of Financial Innovation, 5(2), 123-135.

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Published

2024-11-25

How to Cite

Archana Hombalimath,Dr. Priti Mishra,Dr. Bhagappa,Dr. Renuka Herakal(Patil). (2024). A Blockchain Framework for Secured Vehicle Insurance Claim Application Process . Journal of Computational Analysis and Applications (JoCAAA), 33(07), 1524–1531. Retrieved from https://eudoxuspress.com/index.php/pub/article/view/1740

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