Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance Companies

Abraham Romero () and Roberto Hernandez ()
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Abraham Romero: Industrial Engineering Doctoral Program, Universidad Nacional de Educación a Distancia (UNED), 28040 Madrid, Spain
Roberto Hernandez: Department of Communication and Control Systems, ETSI Universidad Nacional de Educación a Distancia (UNED), 28040 Madrid, Spain

Future Internet, 2024, vol. 16, issue 10, 1-35

Abstract: This article presents a Blockchain-based solution for the management of multipolicies in insurance companies, introducing a standardized policy model to facilitate streamlined operations and enhance collaboration between entities. The model ensures uniform policy management, providing scalability and flexibility to adapt to new market demands. The solution leverages Merkle trees for secure data management, with each policy represented by an independent Merkle tree, enabling updates and additions without altering existing policies. The architecture, implemented on a private Ethereum network using Hyperledger Besu and Tessera, ensures secure and transparent transactions, robust dispute resolution, and fraud prevention mechanisms. The validation phase demonstrated the model’s efficiency in reducing data redundancy and ensuring the consistency and integrity of policy information. Additionally, the system’s technical management has been simplified, operational redundancies have been eliminated, and privacy is enhanced.

Keywords: blockchain; multipolicy management; Merkle tree; insurance; smart contracts; policy standardization (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2024
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