15 Major Insurance Providers Join Forces To Use Blockchain For Sharing Medical Records!

After banking and e Governance, it is the turn of insurance to adopt blockchain, and embrace its stunning features for seamless, error-free operations.

In a major initiatives, 15 big insurance providers have decided to join their forces, and use blockchain for sharing medical records of insurers, and to enable fast approval or denial decisions.

This also means less expenditure for insurers, as one medical examination would be now enough for all insurance providers.

Let’s talk about some magic here!

Blockchain For Insurance in India Starts

15 major insurance providers, which includes ICICI Prudential Life, HDFC Life and SBI Life Insurance have teamed up with IBM and Cateina Technologies, which is a provider of blockchain based automation process, for using blockchain in the insurance sector.

Basically, medical records of insurers would be now saved and accessed using blockchain technology, which will allow swift data sharing without compromising on security aspects.

Confirming this development, Jitan Chandanani, Partner-Blockchain Leader, IBM ISA said, “The process of getting all the participants takes much longer. Here, you have members in the same business with a similar objective. For them to identify a case is much easier,”

This is for the first time that such a huge and massive consortium of insurance providers in India has been formed, and blockchain is clearly the catalyst here.

Blockchain in Insurance: How Will It Work?

Say a insurer named Ashok Pai from Chennai contacts SBI Life Insurance for a new policy. Now, SBI health inspectors carry a medical check, and deny Ashok any insurance policy due to the results.

Now, Ashok can contact ICICI Prudential Life for the same insurance, and as per current scenario, a separate medical examination needs to be performed.

With blockchain, ICICI Prudential Life can directly contact SBI Life Insurance, and ask them to share Ashok’s health records.

Hence, the approval or denial decisions would be taken fast, and Ashok won’t have to spend time and resources for separate medical tests.

Now, Ashok will have full authority and right to decide which part of the medical records he wants to share with other insurance companies, thereby protecting his privacy as well.

Incentives based data retrieval process would be also set up, wherein the provider who provides the data using blockchain would be provided an incentive for sharing their data.

In the last phase of this process, fraud and fake medical records would be sorted out, filtered so that insurance firms can detect scams easily.

An official announcement from insurance companies regarding blockchain initiatives can be announced any moment now.

We will keep you updated!