Another industry is entering the blockchain market. Blockchain-based insurance might be the future we are all waiting for,
It took several days to claim and receive insurance. The cost of removing more than 10 documents, including receipts of details, confirmation of admission and leave, confirmation of surgery, and medical charts, which are necessary for the insurance company after surgery, is not easy.
Blockchain is now drawing attention as a technology that can eliminate all of these processes. When blockchain technology is used, submission documents can be processed by mobile simply. There are a lot of researches on introduction of blockchain to many related insurance fields. Including delayed arrival of cars and airlines.
In particular, the automatic billing system for insurance premiums is a part of the brisk operation of Korean insurance companies and IT-related companies.
How some companies applied blockchain to their insurance product
Kyobo Life Insurance Co., for example, introduced blockchain-based simple insurance service. Which allows users to apply through smartphone apps when they receive lost-loss medical insurance money.
Samsung SDS set to introduce an automatic billing service for insurance payments based on its own blockchain platform. To that end, five medical institutions have formed a consortium involving digital healthcare companies. Including Samsung Hospital and Ewha Women’s University Medical Center.
Among foreign insurance companies, French insurance company AXA offers “air delay insurance” product in 2017. As in the previous case blockchain records all information. Such as the flight booked by the policyholder, departure time and actual departure time of the plane concerned. This is process goes through a “smart transit” to automatically receive insurance money if there is more than two hours airplane delay.
There is also blockchain-type insurance consulting. Last year, Kyobo Life introduced a blockchain-based consulting platform called “Smart Family Security Analysis System.” Kyobo Life Insurance will use the “Lemon Bridge” app in partnership with fintech firm Diremon. The app gathers information on users’ insurance subscriptions held by all insurance companies. Based on this, users can get consulting on which insurance they need.
