Several insurance firms in Hong Kong have started implementing blockchain technology to bring more efficiency to the process of medical insurance claims, according to an OpenGov Asia report.
Blockchain — as a decentralized ledger technology (DLT) — can help insurers create a reliable database for all customers, which will ultimately help the company reduce costs and improve profits.
Even property insurance firms have been utilizing the technology, as blockchain-powered platforms can provide record verification as well as claims processing.
As blockchain has the characteristics of being immutable and transparent and can be updated instantaneously, it can help to detect fraud, according to an executive of an insurance company with over 200,000 customers.
The executive added that the firm’s network is based on Hyperledger, which is the same technology powering Hong Kong’s blockchain trade finance network called eTrade Connect.
Meanwhile, the use of blockchain solutions in medical insurance claims allows Chinese medicine practitioners, chiropractors, and doctors to be free from employing other staff to carry out administrative work.
The rise of blockchain adoption across multiple sectors reflects Hong Kong’s robust business environment and its ability to nurture and promote innovation. The healthcare and insurance industries will benefit from the increased adoption of blockchain, as the technology can facilitate easier access to data for industry professionals while decreasing operational costs for businesses.
As companies demonstrate their readiness to embrace blockchain, it is expected that more firms and services will make the move to integrate blockchain into their operations in the near future.
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