scholarly journals CioSy: A Collaborative Blockchain-Based Insurance System

Electronics ◽  
2021 ◽  
Vol 10 (11) ◽  
pp. 1343
Author(s):  
Faiza Loukil ◽  
Khouloud Boukadi ◽  
Rasheed Hussain ◽  
Mourad Abed
Keyword(s):  
Data Storage ◽  
Insurance Industry ◽  
Emerging Technology ◽  
Third Party ◽  
Insurance Companies ◽  
Smart Contracts ◽  
Insurance Policy ◽  
Insurance System ◽  
Advanced Technologies ◽  
Multiple Challenges

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.

Improving Aviation Insurance System in Russia

TEM Journal ◽  
2021 ◽  
pp. 266-271
Author(s):  
Svetlana Yu. Sivoplyasova ◽  
Sergey M. Voinov
Keyword(s):  
Financial Stability ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Aviation Industry ◽  
Insurance System ◽  
Passenger Traffic ◽  
National Insurance ◽  
Insurance Group ◽  
Before And After ◽  
Insurance Rates

The article is devoted to the study of aviation insurance system in Russia. The novelty is the presentation of aviation insurance as a system of elements. Within the framework of the study, the ranking of insurance companies by indicators of financial stability was carried out on the basis of the methodology proposed by Sberbank. The most stable company is National Insurance Group. An important result is the comparative analysis of aviation industry and aviation insurance industry in the period before and after the COVID-19 pandemic. As a part of the study, the dynamics of passenger traffic was analyzed, and the features of the formation of insurance rates before and after the announcement of the COVID-19 pandemic were revealed. The authors offer recommendations for insurance companies in order to help them overcome the crisis as soon as possible.

scholarly journals Secured Insurance Framework Using Blockchain and Smart Contract

2021 ◽  
Vol 2021 ◽  
pp. 1-11
Author(s):  
Abid Hassan ◽  
Md. Iftekhar Ali ◽  
Rifat Ahammed ◽  
Mohammad Monirujjaman Khan ◽  
Nawal Alsufyani ◽  
...  
Keyword(s):  
Data Storage ◽  
Consensus Algorithm ◽  
Smart Contracts ◽  
Insurance Policy ◽  
Security Issues ◽  
Insurance Contracts ◽  
Smart Contract ◽  
Transaction Process ◽  
Single Person ◽  
Contract Implementation

Traditional insurance policy settlement is a manual process that is never hassle-free. There are many issues, such as hidden conditions from the insurer or fraud claims by the insured, making the settlement process rough. This process also consumes a significant amount of time that makes the process very inefficient. This whole scenario can be disrupted by the implementation of blockchain and smart contracts in insurance. Blockchain and innovative contract technology can provide immutable data storage, security, transparency, authenticity, and security while any transaction process is triggered. With the implementation of blockchain, the whole insurance process, from authentication to claim settlement, can be done with more transparency and security. A blockchain is a virtual chain of data blocks that is a decentralized technology. Any transaction or change in the blocks is done after the decentralized validator entity, not a single person. The smart contract is a unique facility stored on the blockchain that gets executed when the predetermined conditions are met. This paper presents a framework where smart contracts are used for insurance contracts and stored on blockchain. In the case of a claim, if all the predetermined conditions are met, the transaction happens; otherwise, it is discarded. The conditions are immutable. That means there is scope for alteration from either side. This blockchain and intelligent contract-based framework are hosted on a private Ethereum network. The Solidity programming language is used to create smart contracts. The framework uses the Proof of Authority (PoA) consensus algorithm to validate the transactions. In the case of any faulty transaction request, the consensus algorithm acts according to and cancels the claim. With blockchain and smart contract implementation, this framework can solve all the trust and security issues that rely on a standard insurance policy.

scholarly journals Protection of personal information: An experiment involving data value chains and the use of personal information for marketing purposes in South Africa

2020 ◽  
Vol 32 (1) ◽  
Author(s):  
Benson Zenda ◽  
Ruthea Vorster ◽  
Adéle Da Veiga
Keyword(s):  
South Africa ◽  
Personal Information ◽  
Insurance Industry ◽  
Direct Marketing ◽  
Third Party ◽  
Insurance Companies ◽  
Short Message ◽  
Prior Consent ◽  
Message Service ◽  
Term Insurance

South Africa enacted the Protection of Personal Information Act 4 of 2013 (POPI) in an effort to curb the misuse of customers’ personal information by organisations. The aim of this research was to establish whether the South African insurance industry is adhering to certain prescripts of POPI, focusing on direct marketing requirements. An experiment was utilised to monitor the flow of personal information submitted to 20 insurance companies requesting short-term insurance quotations, using new e-mail addresses and phone numbers. The results of the experiment indicate that 92% of the marketing communication received did not have prior consent from the researcher. Contact was made by companies outside the sample, indicating third-party sharing. 86% of the unsolicited short message service (SMS) communication received required customers to pay for unsubscribing from SMSs, which is not in line with regulatory requirements. The non-compliance evident in this experiment acts as an early warning to the insurance industry and South Africa, prompting a more concerted effort towards preparation of compliance with POPI. A personal information processing management framework is proposed to aid the insurance industry in understanding how personal information can be processed in line with the requirements of the Act.

Insurance Companies Are Liable To Compensate Insured Motor for Explosion of the Engine Even If There Was No Interference From a Third Party

1995 ◽  
Vol 10 (4) ◽  
pp. 350-351
Keyword(s):  
Third Party ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Policy ◽  
Appeal Court ◽  
Repair Costs ◽  
Apparent Reason ◽  
The Cost ◽  
Court Of First Instance ◽  
Mechanical Defect

AbstractIn a case brought before the A1 Ain Court against a local insurance company, the plaintiff claimed the cost of repairing the engine of her vehicle which was insured with the defendant insurance company. The plaintiff claimed that the engine of her vehicle had exploded accidentally and suddenly and without any apparent reason. She therefore claimed the cost of repairing the engine from the insurance company. The insurance company refused to pay on the ground that the explosion of the engine was a mechanical defect which was excluded from the terms of the insurance policy. Therefore, the insured was not entitled to be reimbursed for the repair of the engine of her own vehicle, because it was not involved in any accident with a third party. The Court of First Instance delivered a judgment in favour of the insured. This judgment was upheld by the Appeal Court and thereafter by the Abu Dhabi Supreme Court of Cassation who held that the explosion was accidental, sudden and for reasons unknown to the assured. This damage was covered by the insurance policy and the insurance company was therefore liable to compensate the insured for the repair costs even though the damage was not caused by an accident with a third party.

scholarly journals PERAN OTORITAS JASA KEUANGAN DALAM MELINDUNGI PEMEGANG POLIS ASURANSI AKIBAT PAILITNYA PERUSAHAAN ASURANSI (Studi Putusan Mahkamah Agung Nomor 408 K/Pdt.Sus-Pailit/2015)Abstract

2020 ◽  
Vol 19 (2) ◽  
pp. 292-328
Author(s):  
Muhammad Ridho
Keyword(s):  
Financial Services ◽  
Service Sector ◽  
Insurance Industry ◽  
Legal Protection ◽  
Insurance Companies ◽  
Public Confidence ◽  
Bankruptcy Law ◽  
Insurance Company ◽  
Insurance Policy ◽  
Insurance Sector

AbstractThe Financial Services Authority as an institution that oversees activities in the insurance sector functions to create a financial system that grows in a sustainable and stable manner and can foster public confidence in the insurance industry. Within the scope of supervision in the insurance sector, the Financial Services Authority has the authority to submit bankrupt statements to insurance companies in order to protect the interests of insurance policy holders.The purpose of the research in this thesis is to analyze the authority of the Financial Services Authority in the insolvency of insurance companies, to analyze the legal protection of customers who are harmed by the insolvency statement of insurance company to analyze the legal considerations of judges in the Supreme Court’s Decision No. 408 K/ Pdt. Sus-Pailit /2015.The research method used is descriptive analysis that leads to normative juridical research that is research conducted by referring to legal norms that is examining library materials or secondary materials, and secondary data by processing data from primary legal materials, secondary legal materials and tertiary legal materials.The results showed that the Authority of the Financial Services Authority in the insolvency of insurance companies is based on the Bankruptcy Law and Suspension of Debt Payment Obligation (‘UU KKPU’) and Financial Services Authority Act (‘UU OJK’) with its implementation arrangement and the Financial Services Authority’s position as the party submitting an application for bankruptcy statements through the Board of Commissioner of Financial Services Authority. Protection provided to insurance policy holders in the case of bankruptcythat is guaranteed the position of policy holder in the event ofbankruptcy to the insurance company.Judge’s legal consideration in the decision of the Supreme Court Number 408 K/ Pdt. Sus-Pailit /2015 so as to decide on PT. AsuransiJiwaBumiAsih Jaya declared bankrupt is the OJK as a financial service sector supervisory agency authorized to submit bankruptcy requests for insurance companies because PT AsuransiJiwaBumiAsih Jaya is proven to have debt in the form of payment of the policy holder’s claim liability.Key-Words: Role of OJK, Insurance Policy, Bankruptcy.

scholarly journals Is compulsory third party motor insurance the panacea for the South African insurance industry?

2014 ◽  
Vol 11 (4) ◽  
pp. 657-669
Author(s):  
Elton Zingwevu ◽  
Athenia Bongani Sibindi
Keyword(s):  
South Africa ◽  
Central Government ◽  
Insurance Industry ◽  
Safety Net ◽  
Road Accident ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Bodily Injury ◽  
Motor Insurance

Compulsory motor insurance schemes have gained prominence over the years as a policy prescription by governments in their quest to provide a safety net for the protection of consumers and insurers alike. By making as minimum, motor third party insurance compulsory, central government ensures that the burden of providing indemnity is removed from the fiscus and entrusted upon the insurance sector. This also proves to be mutually beneficial to the insurance companies as the risk pool is widened. Sadly South Africa does not have a fully-fledged motor third party compensation scheme but has a variant of such a scheme in the form of the Road Accident Fund. The limitations of this fund are that it only caters for motor third party liability for bodily injury or death and its limits of compensation are relatively low. In this article we demonstrate the need for policy makers in South Africa to reintroduce compulsory motor third party insurance in order to alleviate the burden of funding motor liability from the fiscus as well as to widen the risk pool of insurers.

scholarly journals Analisis Perlakuan Akuntansi atas Pendapatan Premi dan beban klaim Sesuai PSAK No. 28 pada PT. Asuransi Astra buana

2019 ◽  
Vol 7 (2) ◽  
pp. 258-265
Author(s):  
Christian Nataldy ◽  
Robert Pius Pardede
Keyword(s):  
Insurance Industry ◽  
Financial Statements ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Policy ◽  
Average Growth ◽  
The Past ◽  
Premium Income ◽  
Investment Growth

The development of the insurance industry is currently undergoing quite good progress. Based on data from OJK, the insurance industry has experienced an average growth of 16% for the past 4 years. This can be seen from the progress in investment growth which reached 14.40% and premium growth of 21.00%. This growth occurs because of the role of the insurance industry in serving the community to overcome risks. The insurance company will take the risk of the possibility that might occur to the community, such as loss or damage to the vehicle, fire, or the loss of natural disasters. The main source of insurance company income is from the sale of an insurance policy, which is in the form of insurance premiums given by the insured. And the insurance company's main burden is claim expense. Expenses incurred by insurance companies for reimbursement for a number of losses incurred by the insured. The purpose of this study was to find out how the accounting treatment of premium income and claim expenses in accordance with PSAK No. 28 at PT. Asuransi Astra Buana/PT. AAB. The results of the analysis of the accounting treatment of premium income and claim expenses at PT. AAB is in accordance with PSAK No. 28. Premium income is recognized and recorded at the time of issuance of the policy and presented in the financial statements in the form of gross premiums, premiums paid to reinsurers and a decrease (increase) in premiums which are not yet income. While claim expenses are recognized and recorded when the company arises to fulfill claims. Claim expenses are presented in the financial statements in the form of gross claims, reinsurance claims received from reinsurers and an increase (decrease) in estimated own retention claims. Compliance with PSAK No. 28 which has been carried out by PT. AAB needs to be maintained, in line with the developments in the PSAK, to avoid any errors in the recognition of premium income and claim expenses.

A Group Collaboratable Proof of Retrievability Scheme for Cloud Data Storage

2014 ◽  
Vol 13 (7) ◽  
pp. 4625-4632
Author(s):  
Jyh-Shyan Lin ◽  
Kuo-Hsiung Liao ◽  
Chao-Hsing Hsu
Keyword(s):  
Cloud Computing ◽  
Data Storage ◽  
Cloud Service ◽  
Third Party ◽  
Group Collaboration ◽  
Cloud Data ◽  
Cloud Data Storage ◽  
Important Trend ◽  
Data Update ◽  
Proof Of Retrievability

Cloud computing and cloud data storage have become important applications on the Internet. An important trend in cloud computing and cloud data storage is group collaboration since it is a great inducement for an entity to use a cloud service, especially for an international enterprise. In this paper we propose a cloud data storage scheme with some protocols to support group collaboration. A group of users can operate on a set of data collaboratively with dynamic data update supported. Every member of the group can access, update and verify the data independently. The verification can also be authorized to a third-party auditor for convenience.

E-Insurance :A Platform For Insurance Penetration In India

2019 ◽  
Vol 118 (6) ◽  
pp. 90-93
Author(s):  
L. Terina Grazy ◽  
Dr.G. Parimalarani
Keyword(s):  
Insurance Industry ◽  
Cost Effective ◽  
Online Marketing ◽  
Insurance Companies ◽  
The Internet ◽  
Insurance Sector ◽  
The People ◽  
Cost Effective Approach ◽  
Time And Energy ◽  
Work Done

E-commerce is a part of Internet Marketing. The arrival of Internet made the world very simple and dynamic in all the areas. Internet is the growing business as a result most of the people are using it in their day to day life. E-commerce is attractive and efficient way for both buyers and sellesr as it reduce cost, time and energy for the buyer. No surprise the insurance sector has become quite active within the internet sphere. Most insurance companies are offering policies to be brought online and also the portals for paying premiums. It actually saves from hassles involved in going to an insurance office and spend hours to get the insurance work done. Insurance has become an important and crucial aspect of life. Online insurance is the best and most cost effective approach of taking the insurance deal. This paper focused on influence of online marketing on the insurance industry in India, usage of internet in India , the internet penetration in India and the online sale of insurance product by the insurance sector.

The Usefulness of Readability Formulas in the Insurance Industry

2015 ◽  
Vol 10 (4) ◽  
pp. 339-351
Author(s):  
Katarzyna Barczuk
Keyword(s):  
Final Section ◽  
Insurance Industry ◽  
Insurance Market ◽  
Insurance Companies ◽  
Text Readability ◽  
The Given ◽  
Readability Formulas

The aim of this paper is to characterize the most important methods which are used to determine the level of text readability. The author presents practical examples of the usage of chosen methods by foreign insurance companies. The final section of the study is completed with general conclusions relating to the application of the given solutions to the Polish insurance market. 

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