BlockInsure: A Transparent One-Stop Insurance Platform for Verifying, Managing the Insurance Policies, and Help with the Process of Claims Allocation

¹School of Business, Lingnan University, HKSAR (China)
²School of Automation, Guangdong University of Technology, China
³School of Humanities and Social Science, The Hong Kong University of Science and Technology, HKSAR (China)
⁴School of Graduate Studies, City University of Hong Kong, HKSAR (China)

A Paper Submitted in Partial Fulfilment of the Requirements for IBCOL 2023

Sustainable Development Goals

Keywords

Abstract

With the development of the insurance industry, more and more new types of insurance have joined the sector. Insurance purchasers usually buy insurance through insurance agents, but this method of purchasing insurance is something prone to insurance fraud. In addition, users' personal information privacy is often under threat, and it is difficult to balance sharing insured information among stakeholders and protecting privacy. The access rights for reading and modifying information are hard to accurately distinguish and define. To solve the above problems, we formed the BlockInsure team and proposed the concept of an electronic insurance wallet, dedicated to building a transparent one-stop insurance blockchain platform for policyholders to verify and manage insurance policies, and assist policyholders with claim allocations across different insurers. We cooperate with insurance companies and regulators to provide policy validation for policyholders, in order to establish trust among the stakeholders.