A Study on the Process of Claiming Casualty Insurance based on Smart Contracts

Abstract

The insurance claim process is quite cumbersome; it is time-consuming, with high personnel costs from manual review. It may even take several months to complete the entire process. Therefore, how implementing insurance claim settlement automation to reduce costs, improve efficiency, reduce claim processing time, and increase client satisfaction is a common issue the insurance industry must face. This study explores the application of smart contracts in the casualty insurance settlement process to achieve the effect of automatic claim settlement and double protection for special accidents. When the insurance industry conducts insurance claim reviews through the characteristics of blockchain and smart contracts, such as openness and transparency, anonymity, and automation, the review process can be curtailed, and the premium can be directly transferred to the bank account of the insured. Thus, the purpose of automating casualty insurance claims is achieved through smart contracts.