# Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance Companies
## 4 Solution Approach
### Standardization and Modeling of Insurance Policies  
In order to standardize the multi-insurance policy, it is necessary to classify the different branches of insurance. This classification can vary depending on the operational modeling by companies. For this article, a decision was made to conduct as generic a review as possible, leading to the following conclusion. To generalize the policy, the following general classification is proposed:  
* The classification will be based on two main categories of insurance: Life and Non-Life. * Life insurance is understood to be those policies closely related to the survival or death of the insured. These can further be divided into two types: \(\bigcirc\)Risk: Such as insurance for Death or Disability. \(\bigcirc\)Savings: Pertaining to retirement plans. * Non-Life insurance refers to all other types of insurance, also known as general or casualty insurance. This category encompasses a broader range: \(\bigcirc\)Auto Home \(\bigcirc\)Liability \(\bigcirc\)Health \(\bigcirc\)Credit \(\bigcirc\)Surety Specific: Where various types of insurance can be grouped, such as travel, breakage, or theft of devices, etc. Building on this initial classification, the next step is to analyze each type of insurance individually, identifying the commonalities and isolating the specific characteristics of the elements that form part of each corresponding policy. The first elements to identify are the participants; in this case, the modeling has been carried out considering the following roles: Policyholder, Insurer, Insured, and Beneficiary. Next are the policy coverages, which specify the events or potential risks that will be covered by the insurance. For example, in the case of auto insurance, the coverages might include glass breakage, fire, or theft. These coverages can be grouped into products. Continuing with the previous example, this could refer to comprehensive insurance. A single policy may contain one or multiple products. Next, the policy conditions begin to be defined, which can be divided into the following categories:  
* Particular Conditions: These are unique to each policy, such as the effective date, its validity, or the resulting premium. * General Conditions: These are common to all policies and typically include information such as exclusions, methods of payment for claims, etc. * Specific Conditions: These apply to each particular type of insurance. With all this information, a model for a generic policy is proposed, applicable to various types of insurance in a standardized and general manner. This model ensures scalability and maintenance by being considered as a set of objects in itself rather than a single template as traditionally used by different companies. In Figure 3, which represents the modeling of an insurance policy, the different data groups that make up the standardized model we have developed can be observed. The final model comprises information specific to the insurance company, the policyholder's data, the contracted products, and the elements being insured. It also includes particular, general, and specific conditions that help define the nature of the policy. This generalized model is sufficiently flexible and comprehensive to cover the various types of existing insurance, as it allows for the easy addition of new types. Each structural element is designed to capture all the variations and requirements of any policy. For example, to add a new insurance policy for electric scooters, a new type of insurance can be defined, with the scooters described as an Insured Asset, including their specific characteristics such as brand, model, value, and age. The particular and general conditions can be adapted to include specific coverages for accidents and theft, adjusting the relevant exclusions, definitions, and procedures. This model also allows for the inclusion of particular conditions, such as the premium and payment method, ensuring that all aspects of the policy are recorded and managed in a uniform and standardized manner.