Insurance Firms Leverages Blockchain To Process Corona Virus Claims

Blockchain Technology Is Being Used To Avoid Fraud

Ant Financial’s mutual aid platform, Xiang Hu Bao was a blockchain-based technology that provides health plans to its 104 million users. According to the reports, the platform uses the blockchain network to avoid any kind of fraud. The platform also allows its users to process their claims more fastly. 

The online mutual aid platform was available on Alipay, which uses its own capital to fund the payouts for the victims of the Corona Virus. Recently, the spokesperson of the firm has stated, “Xiang Hu Bao has been able to process claims and make payouts to participants quicker, due to the decentralized, trust-free nature of blockchain technology.” 

Blue Cross To Cover Other Insurance Products Also

The South China Morning Post also reported that the Blue Cross Insurance app was also being used to manage the medical claims of the Corona Virus patients. Patrick Wan, the managing director of Blue Cross Insurance Service has stated that during the outbreak of Corona Virus their service was playing the key role in managing the claim, as it eliminated the paper-process. 

The insurance app claimed that it did not need any human involvement to manage 1000 transactions in a second. According to the report, the Blue Cross Insurance app was launched in April 2019, and since then it has seen a double-digit monthly policyholder user base growth. The reports further suggested that the insurance app would manage the claims within days after the patient visits the hospital.

Recently, BEA released its interim results report for 2019, and according to that, in its third quarter, the Blue Cross might cover travel and other general insurance products.