Samsung SDS, the IT solutions subsidiary of South Korea’s Samsung group, has announced that it is planning to launch an insurance network on a blockchain platform in order to enhance the effectiveness of the insurance industry’s claims processing system.
Blockchain for Insurance Claims
Yoon Shim, Vice President Samsung SDS, announced at the recent Blockchain Seoul 2019 conference that the company plans to introduce a blockchain platform by the end of December and that 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.
Using a blockchain platform, the documentation process for insurance claims is expected to become much simpler and user friendly and will allow patients to receive receipts and documents on their medical services from hospitals and clinics and transfer information directly to insurers. Using this blockchain system, insurers can verify the accuracy of the receipts and services before paying out the insurance claims.
Connecting Patients and Hospitals
Additionally, as Samsung envisions its, the “blockchain healthcare network” will connect hospitals, medical providers and insurance companies, as well as other stakeholders in the insurance sector, allowing them to access reliable data on medical services and personal medical information through the insurance network blockchain platform.
Samsung said that they also expect that the immediate benefits of the blockchain-powered network is that it will help reduce the workload of medical personnel and waiting times for patients, and will ultimately lower the costs of processing medical claims by 70% or more.