Samsung SDS Announces Plan for Blockchain Insurance Network in South Korea

Asia Blockchain Review
October 31, 2019
Samsung SDS Announces Plan for Blockchain Insurance Network in South Korea

 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.

Blockchain for Insurance Claims

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.

Connecting Patients and Hospitals

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. 


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