MediConCen Partners with Red Date Technology to Use Enterprise BSN for Streamlined Cashless Insurance Claims
[Hong Kong, Oct. 26, 2023] — MediConCen, a leading insurance technology solutions provider, and Red Date Technology, a decentralised cloud infrastructure company headquartered in Hong Kong, have announced a strategic partnership to use Enterprise BSN as the development and production infrastructure for MediConCen’s insurance claim automation platform. The collaboration places a special focus on streamlining cashless insurance claims for both inpatient and outpatient claims and exploring cross-border claims to bridge gaps between the global insurance markets, especially within the burgeoning Greater Bay Area.
Blockchain technology has been pivotal in MediConCen’s approach to designing their service and aligns closely with the Hong Kong Government’s initiatives in Distributed Ledger Technology (DLT). Enterprise BSN makes this easier and more cost-efficient, providing a full-featured, development-friendly operating environment for companies to deploy and manage decentralized applications.
“Enterprise BSN significantly improves cost efficiency and operational effectiveness. This enables us to enhance our customer satisfaction and retention,” said William Yeung, Co-founder & CEO at MediConCen. “Red Date Technology’s enterprise blockchain infrastructure platform and strong technical capability make it an ideal partner for us.”
Claims processing in the insurance industry has always been one of the most critical yet challenging aspects, as it involves a complex sequence of steps, from filing a claim to fund disbursement. This complexity is amplified in areas with high labor costs like Hong Kong and becomes even more cumbersome in cross-border scenarios. Additionally, the lack of transparency has been a frequent consumer pain point, often leaving policyholders in the dark about claim status, missing documents, and expected payout timing. The sensitive nature of medical data submitted during this process amplifies concerns about data privacy and handling.
MediConCen aims to alleviate these industry pain points by leveraging the Enterprise BSN’s development and operational infrastructure. Smart contracts standardize and automate the claims process, reducing the likelihood of human error and speeding up settlements. This contributes to faster claim settlements and higher customer satisfaction. Transparency is enhanced, as each step in the claims process is logged on a blockchain, giving policyholders real-time access to track their claims. Data privacy is another critical area that benefits from this integration, as the claims verification process is executed in a smart contract and personal information is securely encrypted, giving users confidence that their sensitive data is protected. The immutability of blockchain technology also serves as a powerful deterrent against fraud.
“We are proud to be working with another leading Hong Kong technology company like MediConCen,” said Tim Bailey, VP of Global Business & Operations for Red Date Technology. “We share a common vision of the power of decentralized applications to bring real value to businesses and individuals. Our Enterprise BSN platform will help MediConCen deliver a secure, tamper-proof, and highly efficient blockchain-based service to serve MediConCen’s insurer clients with 1,000,000+ policyholder base. This partnership is set to redefine the boundaries of what is possible in healthcare claims automation.”
About MediConCen
MediConCen is a leading insurTech that automates insurance claims using AI and Blockchain. MediConCen is the first in Hong Kong to utilize Hyperledger blockchain technology to provide clients with seamless and automatic experience in insurance claims. MediConCen partners with various insurance companies and more than 1,200 medical providers in Hong Kong.
About Red Date Technology
Red Date Technology is a technology company headquartered in Hong Kong that is dedicated to building next-generation Public IT System infrastructures for internet communications, digital economies, and digital payments.
