Blockchain-based systems and methods for self-managed peer group insurance

Abstract

A blockchain-based social insurance (“BBSI”) computer system for creating a social insurance group is provided. The BBSI computer system includes at least one processor in communication with at least one memory device. The processor is programmed to receive social insurance group data and define at least one qualifying rule for joining the social insurance group. Each member of the social insurance group must satisfy the at least one qualifying rule to become a member of the social insurance group. The processor is programmed to generate at least one social insurance group blockchain including the qualifying rule and cause to be displayed on a user device the social insurance group data for review by a candidate member. The processor is also programmed to receive a registration message from the candidate member including a request to become a member of the group.

We claim: 
     
         1 . A computer system comprising:
 at least one memory device;   at least one processor in communication with the at least one memory device; and   at least one communication interface configured to communicate with a plurality of user devices, wherein each of the plurality of user devices (i) is associated with one of a plurality of members of a virtual group associated with a blockchain and (ii) acts as one of a plurality of nodes in a distributed blockchain ledger associated with the blockchain,   wherein the at least one processor is configured to:
 cause a first block to be generated within the blockchain, the first block including content associated with a smart contract; receive a first electronic claim from a node of the plurality of nodes; 
 cause the smart contract to be executed to process the first electronic claim, wherein executing the smart contract comprises: (i) initiating processing of the first electronic claim by creating a new block in the blockchain, the new block including data associated with the first electronic claim, (ii) causing a message to be displayed on the node requesting submission of additional data related to the first electronic claim, and (iii) enabling the additional data received from the node to be added onto the new block; 
 transmit the new block to the plurality of nodes, the new block notifying the plurality of members of the first electronic claim and providing access to the data associated with the first electronic claim; 
 receive, from at least some of the plurality of nodes, one or more electronic claim decisions for the first electronic claim; and 
 initiate execution of the one or more electronic claim decisions. 
   
     
     
         2 . The computer system of  claim 1 , wherein the at least one processor is further configured to receive the first electronic claim from the node via an application program interface (API). 
     
     
         3 . The computer system of  claim 1 , wherein the at least one processor is further configured to create a data record in the at least one memory device including user data received from a user device of the plurality of user devices via the at least one communication interface, wherein the user data includes data requested from each candidate member for becoming a member of the plurality of members. 
     
     
         4 . The computer system of  claim 1  further comprising a modeling engine, wherein the at least one processor is further configured to generate, using the modeling engine, a model configured to output a profile for each of the plurality of members including an insurance premium amount for the corresponding member. 
     
     
         5 . The computer system of  claim 4 , wherein the at least one processor is further configured to:
 cause an additional block to be generated within the blockchain indicating a dissolution of the virtual group; and   transfer a remaining amount of the insurance premium amount to a respective node of the corresponding member upon determination that the virtual group is to be terminated.   
     
     
         6 . The computer system of  claim 1 , wherein the at least one processor is further configured to establish secure exchange of data between the node and the computer system by executing the smart contract. 
     
     
         7 . The computer system of  claim 1 , wherein the at least one processor is further configured to create a data record in the at least one memory device including at least one qualifying rule for becoming a member, wherein the data requested from each member must satisfy the at least one qualifying rule, and wherein the first block includes the at least one qualifying rule and at least one termination rule for terminating the virtual group. 
     
     
         8 . A computer-implemented method using a computer system that includes at least one memory device, at least one processor in communication with the at least one memory device, and at least one communication interface configured to communicate with a plurality of user devices, wherein each of the plurality of user devices (i) is associated with one of a plurality of members of a virtual group associated with a blockchain and (ii) acts as one of a plurality of nodes in a distributed blockchain ledger associated with the blockchain, and wherein the method comprises:
 causing a first block to be generated within the blockchain, the first block including content associated with a smart contract; receive a first electronic claim from a node of the plurality of nodes;   causing the smart contract to be executed to process the first electronic claim, wherein executing the smart contract comprises: (i) initiating processing of the first electronic claim by creating a new block in the blockchain, the new block including data associated with the first electronic claim, (ii) causing a message to be displayed on the node requesting submission of additional data related to the first electronic claim, and (iii) enabling the additional data received from the node to be added onto the new block;   transmitting the new block to the plurality of nodes, the new block notifying the plurality of members of the first electronic claim and providing access to the data associated with the first electronic claim;   receiving, from at least some of the plurality of nodes, one or more electronic claim decisions for the first electronic claim; and   initiating execution of the one or more electronic claim decisions.   
     
     
         9 . The computer-implemented method of  claim 8  further comprising receiving the first electronic claim from the node via an application program interface (API). 
     
     
         10 . The computer-implemented method of  claim 8  further comprising creating a data record in the at least one memory device including user data received from a user device of the plurality of user devices via the at least one communication interface, wherein the user data includes data requested from each candidate member for becoming a member of the plurality of members. 
     
     
         11 . The computer-implemented method of  claim 8 , wherein the computer system further includes a modeling engine, and wherein the method further comprises generating, using the modeling engine, a model configured to output a profile for each of the plurality of members including an insurance premium amount for the corresponding member. 
     
     
         12 . The computer-implemented method of  claim 11  further comprising:
 cause an additional block to be generated within the blockchain indicating a dissolution of the virtual group; and 
 transfer a remaining amount of the insurance premium amount to a respective node of the corresponding member upon determination that the virtual group is to be terminated. 
 
     
     
         13 . The computer-implemented method of  claim 8  further comprising establishing secure exchange of data between the node and the computer system by executing the smart contract. 
     
     
         14 . The computer-implemented method of  claim 8  further comprising creating a data record in the at least one memory device including at least one qualifying rule for becoming a member, wherein the data requested from each member must satisfy the at least one qualifying rule, and wherein the first block includes the at least one qualifying rule and at least one termination rule for terminating the virtual group. 
     
     
         15 . At least one non-transitory computer-readable medium having computer-executable instructions thereon, wherein when executed by at least one processor included in a computer system in communication with at least one memory device and at least one communication interface configured to communicate with a plurality of user devices, wherein each of the plurality of user devices (i) is associated with one of a plurality of members of a virtual group associated with a blockchain and (ii) acts as one of a plurality of nodes in a distributed blockchain ledger associated with the blockchain, the computer-executable instructions cause the at least one processor to:
 cause a first block to be generated within the blockchain, the first block including content associated with a smart contract; receive a first electronic claim from a node of the plurality of nodes;   cause the smart contract to be executed to process the first electronic claim, wherein executing the smart contract comprises: (i) initiating processing of the first electronic claim by creating a new block in the blockchain, the new block including data associated with the first electronic claim, (ii) causing a message to be displayed on the node requesting submission of additional data related to the first electronic claim, and (iii) enabling the additional data received from the node to be added onto the new block;   transmit the new block to the plurality of nodes, the new block notifying the plurality of members of the first electronic claim and providing access to the data associated with the first electronic claim;   receive, from at least some of the plurality of nodes, one or more electronic claim decisions for the first electronic claim; and   initiate execution of the one or more electronic claim decisions.   
     
     
         16 . The computer-readable medium of  claim 15 , wherein the computer-executable instructions further cause the at least one processor to receive the first electronic claim from the node via an application program interface (API). 
     
     
         17 . The computer-readable medium of  claim 15 , wherein the computer-executable instructions further cause the at least one processor to create a data record in the at least one memory device including user data received from a user device of the plurality of user devices via the at least one communication interface, wherein the user data includes data requested from each candidate member for becoming a member of the plurality of members. 
     
     
         18 . The computer-readable medium of  claim 15 , wherein the computer system further includes a modeling engine, and wherein the computer-executable instructions further cause the at least one processor to generate, using the modeling engine, a model configured to output a profile for each of the plurality of members including an insurance premium amount for the corresponding member. 
     
     
         19 . The computer-readable medium of  claim 15 , wherein the computer-executable instructions further cause the at least one processor to establish secure exchange of data between the node and the computer system by executing the smart contract. 
     
     
         20 . The computer-readable medium of  claim 15 , wherein the computer-executable instructions further cause the at least one processor to create a data record in the at least one memory device including at least one qualifying rule for becoming a member, wherein the data requested from each member must satisfy the at least one qualifying rule, and wherein the first block includes the at least one qualifying rule and at least one termination rule for terminating the virtual group.