CioSy: A Collaborative Blockchain-Based Insurance System

Abstract

The insurance industry is heavily dependent on several processes executed among multiple entities, such as insurer, insured, and third-party services. The increasingly competitive environment is pushing insurance companies to use advanced technologies to address multiple challenges, namely lack of trust, lack of transparency, and economic instability. To this end, blockchain is used as an emerging technology that enables transparent and secure data storage and transmission. In this paper, we propose CioSy, a collaborative blockchain-based insurance system for monitoring and processing the insurance transactions. To the best of our knowledge, the existing approaches do not consider collaborative insurance to achieve an automated, transparent, and tamper-proof solution. CioSy aims at automating the insurance policy processing, claim handling, and payment using smart contracts. For validation purposes, an experimental prototype is developed on Ethereum blockchain. Our experimental results show that the proposed approach is both feasible and economical in terms of time and cost.

FLAME: Trusted Fire Brigade Service and Insurance Claim System Using Blockchain for Enterprises

“…In [23], the authors developed an automatic medical insurance claims service system using blockchain and smart contracts to solve risk control and anti-money laundering problems. In [24], the authors proposed a collaborative blockchain-based insurance system to automate the insurance policy, claim handling, and payment using smart contracts. In [25]- [26], the author presented a prototype of fine-grained transportation insurance based on hybrid blockchain and IoT to share the real-world data of drivers using a Global Positing System (GPS).…”

Faktor-faktor yang Memengaruhi Organisasi Dalam Mengadopsi Teknologi Blockchain di BPJS Ketenagakerjaan

“…Gambar 1. Blockchain untuk sustainable development goals (Fraga-lamas & Fernández-caramés, 2019) Penggunaan sistem blockchain yang aman, jika diterapkan pada sistem penyelenggaraan jaminan sosial, sangatlah berguna untuk mengurangi durasi proses klaim, meningkatkan kualitas data, mengurangi resiko kerugian yang diakibatkan oleh human error ataupun fraud (Loukil et al 2021). Dana kelolaan yang berasal dari iuran dana kepesertaan mencapai 73,2 triliun rupiah dengan total dana investasi lebih dari 487 triliun rupiah (BPJS Ketenagakerjaan, 2020).…”

ClaimChain: secure Blockchain platform for handling insurance claims processing

“…We first evaluate the scalability of ClaimChain through simulation of realistically large number of Blockchain transactions of claim processing, and compare the performance of ClaimChain with a state-of-the-art CioSy system [8] (which uses Ethereum) for different operations of issuance, approval and cancellation pertaining to insurance policies. Next, we perform a qualitative analysis of ClaimChain with other existing Blockchain-based solutions for different insurance industry applications.…”

“…For a fair comparison with a state-of-the-art system, we compare our ClaimChain system with the "CioSy" [8] system. The CioSy system utilizes Ethereum and has similar mechanism and functions defined through smart contract methods.…”

“…The CioSy system utilizes Ethereum and has similar mechanism and functions defined through smart contract methods. We use the same number of insurance policies for our experiments with ClaimChain and CioSy, and create a total of 1000 distinct insured accounts (the same 1000 number of accounts was used in [8] evaluations) and follow the general use case outlined in 3.2 and end by canceling each of the policies. the ClaimChain (uses a permissioned Blockchain platform) and CioSy (uses a permissionless Blockchain platform) systems.…”