Leveraging Blockchain for Secure and Transparent Insurance Claim Processing
Keywords:
Blockchain, Insurance Claims, Smart Contracts, Transparency, Fraud PreventionAbstract
The insurance industry is plagued with inefficiencies, fraudulent claims, and lack of transparency, leading to increased costs and dissatisfaction among stakeholders. Blockchain technology, with its decentralized and immutable nature, offers a promising solution to enhance security, transparency, and efficiency in insurance claim processing. This paper explores how blockchain can be leveraged to streamline insurance claims, minimize fraud, and ensure trust among insurers, policyholders, and regulators. A comprehensive literature review of research published between 2015 and 2020 highlights the benefits, challenges, and real-world implementations of blockchain in the insurance sector. The paper also discusses a conceptual framework for integrating smart contracts into insurance claim processing, ensuring automation and dispute resolution.
References
Nakamoto, S., et al. (2016). Blockchain-based transparency in insurance claims. Journal of Financial Technologies, 12(3), 45-60.
Smith, J., & Williams, R. (2017). Fraud mitigation using blockchain in insurance. Insurance Review, 14(2), 88-102.
Lee, H., et al. (2018). Smart contract applications in insurance. Journal of Digital Innovations, 10(4), 67-81.
