Event-based Smart Contracts for Automated Claims Processing and Payouts in Smart InsuranceEvent-Based Smart Contracts for Automated Claims Processing and Payouts in Smart Insurance • April 30th, 2024
Abstract—The combination of blockchain technology and smart contracts has become a viable way to expedite claims processing and payouts in the quickly changing insurance industry. Enhancing efficiency, transparency, and reliability for the industry may be achieved by automating certain procedures and initiating them on predetermined triggers, smart contracts that is event-based. Conventional insurance procedures can be laborious, slow, and prone to human mistake, which can cause inefficiencies and delays in the resolution of claims. This research proposes a simplified system that automates the whole claims process from submission to reimbursement by utilizing blockchain technology and smart contracts. The suggested method does away with the requirement for human claim filing by having policyholders' claims automatically triggered by predetermined occurrences. These occurrences might be anything from medical emergencies to natural calamities, enabling prompt and precise claim start. The
