IT solutions developer Samsung SDS, a subsidiary of South Korea’s Samsung group, has disclosed that its will be launching an insurance network on a blockchain in order to enhance the effectiveness of the industry’s claims processing system.
Yoon Shim, vice president of Samsung SDS, announced at Blockchain Seoul 2019 that the company will soon be introducing the blockchain-powered insurance claims systems in 2019.
He said the blockchain platform has been on trial since August 2019 with several insurers, hospitals, and medical providers participating in the pilot project in order to test the efficiency of the new system.
With blockchain, the documentation process for insurance claims is expected to become much more simplified, allowing patients to receive receipts and documents on their medical services from hospitals and clinics, then transferring the necessary information directly to insurers. Using this system, insurers can verify the accuracy of the receipts and services before paying out the insurance claims.
Moreover, Samsung SDS’ “blockchain healthcare network” will connect hospitals, medical providers and insurance companies, as well as other stakeholders in the insurance sector, thereby allowing them to access reliable data on medical services and personal medical information on the blockchain platform.
Samsung SDS also indicated that the blockchain-powered network will help reduce the workload of medical personnel, lower the costs of processing medical claims by as much as 70 percent and reduce waiting times for patients.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us