A Usage-Based Insurance Policy Bidding and Support Platform Using Internet of Vehicles Infrastructure and Blockchain Technology
Journal
Lecture Notes in Networks and Systems
Journal Volume
226 LNNS
Pages
240-249
Date Issued
2021
Author(s)
Abstract
This paper presents a usage-based insurance (UBI) platform that incorporates Internet of Vehicles (IoV) and blockchain technologies, discussing the potential stakeholders, business models, and interaction modes involved in this platform. Existing UBI products mostly use data on the driver’s mileage, driving period, or driving region for more accurate insurance calculations. Automobile UBI encourages customers to continue improving their ability to drive safety and provides a means to smoothly, transparently, and rationally calculate insurance pricing and payout. This paper proposes blockchain architecture to remedy management problems in a UBI environment. A bidding mechanism suitable for the blockchain-based UBI platform was designed to close the information gap between the insurance company and consumer, thus increasing consumer trust in the platform. ? 2021, The Author(s), under exclusive license to Springer Nature Switzerland AG.
Subjects
Bidding mechanism
Blockchain
Internet of Vehicles
Usage-based insurance
SDGs
Type
conference paper