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Chinese Insurance Industry Launched Its First Blockchain Medical Insurance

Major insurance companies including Huatai Insurance, China Property & Casualty Reinsurance Company (CPCR), and Fun in Funding, have jointly launched a blockchain-powered medical insurance product, claiming to be the first of this kind in the country.

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The insurance industry is embracing blockchain with open arms, but there are no solid use cases to be seen integrating blockchain into the insurance industry. The medical insurance product named Hongfu e-life is the first trial in the multi-trillion industry.

Though the industry will still have obstacles to overcome, blockchain’s ability to provide complete accountability, transparency and superior security will help insurers save time and money, as well as improve customer satisfaction.

Insurance giants are currently hushing to use blockchain solutions to prevent insurance fraud, digitally track medical records, and more challenges they are facing.

The three parties jointly launched the first full industrial chain blockchain-based insurance product to provide a smart and transparent health security system. By leveraging blockchain technology, the product aims to endow the insurance industry with high efficiency and transparency, real-time access to front-end channels, mid-term underwriting, claims settlement and back-end reinsurance. It is seen as a useful attempt to build a new insurance ecology and a new business mode of the industry.

According to statistics from the internet, in recent years, China’s insurance market has been under steady development with the extensive adoption of advanced technologies. In 2017, the insurance premiums of the domestic insurance industry has reached 3.66 trillion yuan (US$525 billion), ranking the second in the whole world. Internet insurance innovation business maintained rapid growth, which has reached 183.5 billion yuan. It is believed that the insurance industry will be disrupted with the adoption of blockchain technology in the insurance process.

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