Although the insurance industry has grown rapidly in recent years, insurance businesses that operate in this industry face a number of difficulties, including policy enrollment scams, phony insurance plans, increased in deceptive data theft, fraudulent insurance sellers, on top of that is masquerading of legitimate agents. To tackle these issues, we design “InsurTech framework”, leveraging blockchain along with bidding technology to improve data traceability and transparency. The architecture’s foundation is strengthened by the integration of smart contracts and a bidding system, which streamline procedures for insurance through automation and incorporate self-soverign identity(SSI) for secure recognition. This paper provides an enhanced and practical approach to the challenges faced by the insurance sector. We provide performance evaluation in terms of execution time and gas estimation cost to highlight the advantage of the proposed framework over existing work. In summary, our approach effectively addresses the issue of dishonest insurance agents and ensures accurate identification and authentication of insurance providers, thereby making a significant contribution to the insurance industry.