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Title: :  Insurance Claim - using Blockchain Technology
PaperId: :  23011
Published in:   International Journal Of Advance Research And Innovative Ideas In Education
Publisher:   IJARIIE
e-ISSN:   2395-4396
Volume/Issue:    Volume 10 Issue 2 2024
DUI:    16.0415/IJARIIE-23011
Licence: :   IJARIIE is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author NameAuthor Institute
Degala SaranyaVasireddy Venkatadri Institute of Technology
Bonthala Saranya ThatriVasireddy Venkatadri Institute of Technology
Kalavakolanu Lakshmi SarvaniVasireddy Venkatadri Institute of Technology
Syed IshratVasireddy Venkatadri Institute of Technology

Abstract

Computer Engineering
Blockchain, Ethereum, Insurance Claim, and Ethers
This paper addresses the persistent issue of delays in insurance claims settlements, particularly in cases involving death or bodily injury. These delays are primarily caused by the intricate involvement of various stakeholders and the manual submission of documents, necessitating a more streamlined approach. The overarching objective is to expedite claim settlements, thereby improving customer satisfaction, safeguarding broker reputation, and sustaining the company's Net Promoter Score (NPS). To achieve these goals, the project employs innovative blockchain technology and smart contracts. By leveraging blockchain and Distributed Ledger Technology (DLT), the aim is to establish a seamless, transparent, and tamper-proof claims settlement process. A pivotal aspect of this initiative involves the creation of an immutable, industry-wide claims record. This centralized record effectively combats fraud by eliminating data fragmentation and enhancing overall transparency. Furthermore, this approach grants customers greater control over their data. Through mechanisms such as managing access rights and ensuring privacy, customers can actively participate in the claims settlement process, fostering trust and confidence in the insurance ecosystem. Overall, the project endeavors to revolutionize the traditional insurance landscape by introducing a more efficient and secure mechanism for claims processing, thereby benefiting all stakeholders involved.

Citations

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IJARIIE Degala Saranya, Bonthala Saranya Thatri, Kalavakolanu Lakshmi Sarvani, and Syed Ishrat. "Insurance Claim - using Blockchain Technology" International Journal Of Advance Research And Innovative Ideas In Education Volume 10 Issue 2 2024 Page 2101-2106
MLA Degala Saranya, Bonthala Saranya Thatri, Kalavakolanu Lakshmi Sarvani, and Syed Ishrat. "Insurance Claim - using Blockchain Technology." International Journal Of Advance Research And Innovative Ideas In Education 10.2(2024) : 2101-2106.
APA Degala Saranya, Bonthala Saranya Thatri, Kalavakolanu Lakshmi Sarvani, & Syed Ishrat. (2024). Insurance Claim - using Blockchain Technology. International Journal Of Advance Research And Innovative Ideas In Education, 10(2), 2101-2106.
Chicago Degala Saranya, Bonthala Saranya Thatri, Kalavakolanu Lakshmi Sarvani, and Syed Ishrat. "Insurance Claim - using Blockchain Technology." International Journal Of Advance Research And Innovative Ideas In Education 10, no. 2 (2024) : 2101-2106.
Oxford Degala Saranya, Bonthala Saranya Thatri, Kalavakolanu Lakshmi Sarvani, and Syed Ishrat. 'Insurance Claim - using Blockchain Technology', International Journal Of Advance Research And Innovative Ideas In Education, vol. 10, no. 2, 2024, p. 2101-2106. Available from IJARIIE, https://ijariie.com/AdminUploadPdf/Insurance_Claim___using_Blockchain_Technology_ijariie23011.pdf (Accessed : ).
Harvard Degala Saranya, Bonthala Saranya Thatri, Kalavakolanu Lakshmi Sarvani, and Syed Ishrat. (2024) 'Insurance Claim - using Blockchain Technology', International Journal Of Advance Research And Innovative Ideas In Education, 10(2), pp. 2101-2106IJARIIE [Online]. Available at: https://ijariie.com/AdminUploadPdf/Insurance_Claim___using_Blockchain_Technology_ijariie23011.pdf (Accessed : )
IEEE Degala Saranya, Bonthala Saranya Thatri, Kalavakolanu Lakshmi Sarvani, and Syed Ishrat, "Insurance Claim - using Blockchain Technology," International Journal Of Advance Research And Innovative Ideas In Education, vol. 10, no. 2, pp. 2101-2106, Mar-App 2024. [Online]. Available: https://ijariie.com/AdminUploadPdf/Insurance_Claim___using_Blockchain_Technology_ijariie23011.pdf [Accessed : ].
Turabian Degala Saranya, Bonthala Saranya Thatri, Kalavakolanu Lakshmi Sarvani, and Syed Ishrat. "Insurance Claim - using Blockchain Technology." International Journal Of Advance Research And Innovative Ideas In Education [Online]. volume 10 number 2 ().
Vancouver Degala Saranya, Bonthala Saranya Thatri, Kalavakolanu Lakshmi Sarvani, and Syed Ishrat. Insurance Claim - using Blockchain Technology. International Journal Of Advance Research And Innovative Ideas In Education [Internet]. 2024 [Cited : ]; 10(2) : 2101-2106. Available from: https://ijariie.com/AdminUploadPdf/Insurance_Claim___using_Blockchain_Technology_ijariie23011.pdf
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