Next InsurChain
Overview
In collaboration with Next InsurTech Limited, LSCM developed the "Next InsurChain" which utilises blockchain technology for the efficient sharing and tracking of insurance policies among different parties in the insurance industry with permission, while enabling proper access control and privacy protection of the shared information.
Research completion
2020
Commercialisation opportunities
technology licensing
Problem addressed
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. The policy information is classified in three levels of access, namely "public", "restricted" and "confidential". The design mechanism of Next InsurChain allows all parties to access the public information.
Innovation
- 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 to the 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.
Key impact
- Claims documents can be privately shared by insurance companies, so claims can be handled more efficiently.
- Traceable policies on blockchain can eliminate unlicensed selling.
- Reduce operation cost and credit risks
Award
- Silver Medal in the Special Edition 2021 Inventions Geneva Evaluation Days
Application
- Insurance policies validation and checking
Logistics and Supply Chain MultiTech R&D Centre (LSCM)
Logistics and Supply Chain MultiTech R&D Centre (LSCM) was founded in 2006, with funding from the Innovation and Technology Fund of The Government of the Hong Kong SAR, and is co-hosted by the University of Hong Kong, the Chinese University of Hong Kong and the Hong Kong University of Science and Technology. It aims to strengthen the local logistics sector and related industries by providing a one-stop resource for applied research and technology transfer, and to reinforce cooperation between the industry and research institutes to bring about meaningful and significant impact on the industry and the community.
LSCM serves the industry by initiating research projects, contract research, as well as providing business matching opportunities, technology transfer and intellectual property commercialisation. LSCM initiates technology and knowledge transfer to the marketplace to promote industrial digitalisation, facilitate technology advancement and strengthen Hong Kong’s position as a leading logistics and commercial hub.
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