This solution helps tackle the issues of fake insurance policies and fraudulent claims. It can also enhance the efficiency of estimating insurance quotes and handling claims. There is three-level access control: grant different access rights to insurance companies, regulators, and the insured. The policy information is divided into three parts, namely "public", "restricted" and "confidential". The design mechanism of "Next InsurChain" allows all parties to access public information. With the permission of the policyholder, the insurance company can share the restricted information with other insurance companies and the Insurance Regulatory Authority (regulator), while the insured can have full access tothe policy details of his own. The insurance policy information and claim records stored on the blockchain are distributed, traceable and immutable, which helps prevent false insurance policies, trace claims records, and estimate policy quotations, etc.
This solution has won a Silver Medal in the Special Edition 2021 International Geneva Evaluation Days.