Decentralization of Car Insurance System Using Machine Learning and Distributed Ledger Technology

With the increase in the number of vehicle drivers, there has been a direct increase in the number of car insurance holders and claims. While the process of registration for insurance is effortless, the process cycle of claiming insurance is often very cumbersome, in view of the fact that there is the inclusivity of various intermediaries giving rise to a long-drawn-out process. This paper proposes an end to end insurance automation system which includes the user registration process, the acceptance and verification of premium payment, the insurance claim process wherein the instance segmentation machine learning model is used to identify the damaged parts of the respective user’s car, triggering the smart contracts aiding the transfer of cryptocurrency respective of the damages to the user’s wallet. Receiving and sending payments have incorporated blockchain technology, increasing the security and making the payments tamper-proof in addition to being future ready by dealing with cryptocurrency.