Processes in the insurance economy are often cumbersome and expensive because of the inherently opposing interests of insurers and customers. Smart contracts bear a large potential to simplify these processes and thereby reduce costs. In this paper, we present CAIPY, our smart contract-based ecosystem for simple and transparent car insurance. In CAIPY, smart contracts do not replace but support current processes to enable significant cost savings, e.g., by removing the necessity for manual inspection of insurance claims in presence of tamper-resistant car sensors. However, the involved parties can resort to well-established processes at any time, trading off cost efficiency against process reliability. CAIPY thus showcases how smart contracts can support insurers without introducing new risks.
@Inproceedings {BBMW18,
title = {Smart Contract-based Car Insurance Policies},
author = {Bader, Lennart and B{\"u}rger, Jens Christoph and Matzutt, Roman and Wehrle, Klaus}
year = {2018},
month = {12},
day = {9},
url = {https://www.comsys.rwth-aachen.de/fileadmin/papers/2018/2018-bader-ethereum-car-insurance.pdf},
publisher = {IEEE},
booktitle = {2018 IEEE Globecom Workshops (GC Wkshps)},
event_place = {Abu Dhabi, United Arab Emirates},
event_name = {1st International Workshop on Blockchain in IoT, co-located with IEEE Globecom 2018},
}
This work has been funded by the German Federal Ministry of Education and Research (BMBF) under funding reference number 16KIS0443. The responsibility for the content of this publication lies with the authors, who would also like to thank the German Research Foundation DFG for the kind support within the Cluster of Excellence ``Integrative Production Technology for High-Wage Countries''.