Blockchain-Enhanced Smart Contract for Cost-Effective Insurance Claims Processing

Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review

4 Scopus Citations
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Detail(s)

Original languageEnglish
Journal / PublicationJournal of Global Information Management
Volume31
Issue number7
Publication statusPublished - 2023

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Publisher's Copyright Statement
  • This full text is made available under CC-BY 4.0. https://creativecommons.org/licenses/by/4.0/
Link to Scopus https://www.scopus.com/record/display.uri?eid=2-s2.0-85172935723&origin=recordpage
Permanent Link https://scholars.cityu.edu.hk/en/publications/publication(1abde4a9-68b2-4e0d-95a9-ff6ffe323717).html

Abstract

Blockchain-enabled smart contracts have revolutionized the insurance industry due to their potential to streamline backend operations, mitigate fraudulent claims, and enhance data security and transparency. Guided by the design science methodology, the authors propose two specific smart contract frameworks to enhance insurance claims processing related to vehicle damage claims and personal injury claims. These proposed frameworks can improve the overall efficiency and effectiveness of insurance claims processing by automating claims submission, review, analysis, and payment, while reducing fraud and data leakage, by merging various data sources and disintermediation. Furthermore, the authors design a smart contract template supported by eight operational algorithms to facilitate the processing of insurance claims with the help of smart contracts. This template provides practitioners with a standardized prototype for the development of secure and efficient insurance applications.

Research Area(s)

  • Blockchain, Design Science, Fintech, Insurance Claims Processing, Smart Contract

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Publication fingerprints text

100
Blockchain Computer Science
100
Smart Contract Computer Science
100
Insurance Claim Social Sciences
50
Authors Social Sciences
25
Data Protection Social Sciences
20
Data Source Computer Science
20
Data Security Computer Science
20
Fraudulent Claim Computer Science
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Citation Format(s)

[ RIS ] [ BibTeX ]
Blockchain-Enhanced Smart Contract for Cost-Effective Insurance Claims Processing. / Wang, Qiping; Lau, Raymond Yiu Keung; Si, Yain-Whar et al.
In: Journal of Global Information Management, Vol. 31, No. 7, 2023.

Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review

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