A Smart Contract Architecture Framework for Insurance Industry Using Blockchain and Business Process Management Technology

Q1 Business, Management and Accounting IEEE Engineering Management Review Pub Date : 2024-01-04 DOI:10.1109/EMR.2023.3348431
Abdelhadi Rachad;Lotfi Gaiz;Khalid Bouragba;Mohammed Ouzzif
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Abstract

The Covid-19 pandemic prompted insurance companies to shift from their traditional operating mode to a digital one. This shift is to promote improved performance, cost reduction, and enhanced customer service. Blockchain is to aid the insurance industry radically transform its operations by enabling faster exchange of verifiable data, visibility for all parties, and transactions underpinned by pervasive security and trust. It permits the replacement of third parties so as to benefit from timestamping services, storage of evidence, and the history of actions taken to verify the identity of the original issuer and any cosigners of a document. In this article, we propose a solution for insurance service providers based on a private blockchain for E-insurance service providers–customers corresponding to a community network. The objective of this article is to support the actors involved in this decision-making process by illustrating what a blockchain is, by analyzing its advantages and disadvantages, as well as by discussing the use cases drawn from the sector of insurance, which could easily be extended to another domain. Besides, we present our architecture proposal to make all types of insurance smart contracts based on business process management and blockchain.
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使用区块链和业务流程管理技术的保险业智能合约架构框架
Covid-19 大流行促使保险公司从传统运营模式向数字化运营模式转变。这种转变旨在促进提高绩效、降低成本和加强客户服务。区块链将帮助保险业从根本上转变其运营方式,实现更快的可验证数据交换、所有各方的可见性以及以普遍安全和信任为基础的交易。区块链允许取代第三方,从而受益于时间戳服务、证据存储和行动历史,以验证文件原始签发人和任何共同签署人的身份。在本文中,我们为保险服务提供商提出了一种解决方案,该方案基于电子保险服务提供商--与社区网络相对应的客户--的私有区块链。本文的目的是通过说明什么是区块链、分析区块链的优缺点以及讨论保险行业的用例,为参与决策过程的参与者提供支持,这些用例可以很容易地扩展到其他领域。此外,我们还提出了基于业务流程管理和区块链的所有类型保险智能合约的架构建议。
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来源期刊
IEEE Engineering Management Review
IEEE Engineering Management Review Business, Management and Accounting-Management of Technology and Innovation
CiteScore
7.40
自引率
0.00%
发文量
97
期刊介绍: Reprints articles from other publications of significant interest to members. The papers are aimed at those engaged in managing research, development, or engineering activities. Reprints make it possible for the readers to receive the best of today"s literature without having to subscribe to and read other periodicals.
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