Blockchain in Health Insurance: More Accuracy, More Transparency and More Efficiency

The evolving relationship between blockchain tech and the health sector has already been thoroughly documented, yet something that's received less attention is the increasing role blockchains are set to have in the health insurance industry.

To some extent, many service providers were looking to digitize health insurance before they ever heard of blockchain, yet it's also clear that blockchain tech will bring some definite benefits to the provision of medical insurance.

From streamlining claims processes to introducing greater transparency and enabling provider interoperability, blockchains are being increasingly sought by startups and established corporations alike as a means of pushing the industry forward, with many of the biggest names in health insurance already staking their futures on the new technology.

If there were any doubt that blockchain tech is being taken seriously by the world's biggest insurance companies, it was most likely dispelled in January, when the likes of Aetna, Anthem and Health Care Service Corporation announced a collaboration with IBM to build a digital ecosystem for the health care industry based on the IBM Blockchain Platform.

According to the press release, the parties involved aim to use IBM's blockchain to help with a range of industry challenges, from making the processing of claims and payments more efficient to enabling the "Secure and frictionless" exchange of information among insurance providers.

"We are committed to improving the healthcare consumer experience and making our healthcare system work more effectively. Through the application of blockchain technology, we'll work to improve data accuracy for providers, regulators, and other stakeholders, and give our members more control over their own data."

Together, these insurers would begin a trial of blockchain solutions intended to solve a variety of problems common to the health insurance industry.

"Blockchain technology can allow various stakeholders in the healthcare value-chain to increase transparency and streamline processes across organizations without compromising data security and integrity. Blockchain can address a range of industry challenges, including promoting efficient claims and payment processing, enabling secure and frictionless healthcare information exchanges, and maintaining current and accurate provider directories."

"The industry needs a continued effort to educate and bring awareness to all the stakeholders in the industry about how blockchain can help them to reduce health data transaction administrative costs, improve data accuracy for consumers, providers, regulators, and other stakeholders, and ultimately improve outcomes."

"Blockchain is a team-sport. Unless all the stakeholders that benefit from the use of blockchain for a specific solution/use case come together on the blockchain network, the value of the solution is not fully realized. There is a need for the industry's influential thought leaders to come together and collaborate on creation of a utility network and solutions."