How Blockchain is Helping Insurance Firms to Fast-Track Corona Claims
The global healthcare industry has found immense support from the blockchain community, as they keep battling the COVID-19 pandemic crisis. Amid this virus outbreak the DLT technology has emerged as the ultimate solution provider aiding institutions, businesses and individuals, proving that adoption of an interoperable blockchain-backed system, can not only streamline regular work management but also tackle a global crisis.
Staring from the World Health Organization launching its blockchain platform for data sharing to individual and combined initiatives of governments and tech companies, all have been fast to harness the technology and use its values of transparency and immutability to combat the pandemic crisis.
In this write up we will focus on how blockchain is helping insurance firms with streamlining claims made by the novel coronavirus affected.
DLT for Health Insurance Claims
A global health crisis such as the active COVID-19 pandemic has put a strain on the insurance sector as well. People in large numbers are seeking medical care followed by health insurance claims.
To tackle the situation, Chinese firms have put their faith in the Blockchain technology. It is helping them to fast track the claims made by the affected, while they unhindered healthcare attention.
One of the leading collective claims sharing firms was fast to add coronavirus to their list of illnesses eligible for a health insurance claim. Integrating with a financial grade decentralized platform, the firm ensured that the claims that come through are cleared instantly and accurately.
When the affected files for a claim, they provide the supporting medical evidence and other details through a decentralized application. The data is then run for review and approval and once that gets out of the way the claims are passed. It takes lesser time compared to the traditional insurance claim architecture.
The process is seamless without the need for a load of paperwork or the need to visit the clinic process documentation. Everything related to the patient’s claims and medical data gets entered into a shared immutable ledger, that is secured with advanced cryptography so that none of the records can be tampered with. It also maintains the data privacy of the affected, upholding a process that is transparent to all parties involved.
Until now, the platform has been able to process more than 25 thousand insurance claims accurately. Since it can process the transaction without any human interference works brilliantly as a time when social distancing is the primary protocol to avert the risk of contagion.