The Hong Kong Federation of Insurers (HKFI) is establishing a blockchain integrated insurance platform. The secretary of HKFI, James Lau, highlighted that the blockchain technology would contribute to the enhancement of insurance sector. Lau quoted, “The use of blockchain technology can raise business efficiency and allow insurers to enjoy easy and secure access to timely and accurate data.”
The UnitedHealth Group and Humana are to experiment blockchain technology for tracing provider information. The insurers would unveil a new program jointly with Quest Diagnostics and Multiplan aiming to lessen costs by sharing information. The administrative costs are projected to be beyond $2 billion dollars a year.
Blockchain started in the simplest form to run Bitcoin and since then the technology evolved and adopted by various industries that aim to enhance their businesses to become more efficient. Reported that, Allstate Insurance is taking Blockchain to the insurance industry seriously to improve claims payments process and a lower fee of coverage.
Startumn, a Blockchain startup proclaimed completion of a ‘Blockchain proof-of concept trial’ linking 14 insurance companies. The French Federation of Insurers steered the trail and received support from Deloitte, an accounting firm. This is proposed to set an edge for reforming insurance industry with Blockchain technology permitting users to switch insurers.