A Blockchain Framework for Secured Vehicle Insurance 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.