Blockchain comprehensive layout.The insurance alliance chain is about to set off an IT arms race.
Abstract | Taiwan Life Insurance has 3 times rich experience in applying blockchain technology for medical claims applications. Taiwan Life Insurance predicts that the promotion of this preservation & claims alliance chain will set off a wave of IT arms race for the insurance industry.
【Published by: IThome | Editor: Li Jing-Yi | Translator: Statecraft 】
It is not the first time that Taiwan Life Insurance has used blockchain technology to optimize claims applications. In addition to participating in the trial run of the preservation & claims alliance chain launched in July 2020, Taiwan Life Insurance cooperated with Kaohsiung Veterans General Hospital to launch it as early as 1 year ago. With the eClaim claim settlement blockchain service, it has been able to connect the medical hospitals to the exchange of medical information, and under the authorization of the insured, the medical information required for insurance claims can be directly passed to the insurance company. In addition, Taiwan Life Insurance also participated in the Ministry of Health and Welfare’s electronic medical record experiment.
In the development of blockchain applications, Taiwan Life Insurance not only does it by itself but also actively participates in the promotion of many projects. Lan Tung-Yi, Director of the Claims Department of Taiwan Life Insurance, emphasized: “At present, the blockchain is in a stage where a hundred schools of thought are contending. Taiwan Life Insurance is willing to try all aspects. Now it is a comprehensive layout. In the future, see which one is most beneficial to the company and policyholders, Taiwan Life Insurance will do it in that direction.”
Taiwan Life Insurance has used blockchain to link 4 medical institutions to exchange medical information
At the end of last year, Taiwan Life Insurance and Kaohsiung Veterans General Hospital signed a Memorandum of Understanding (MOU) for Medical Claims Blockchain Cooperation, and officially launched the eClaim Claims Blockchain platform at the end of July last year, achieving medical information with the first medical institution New mode of connection.
This service allows insured households seeking medical treatment at Kaohsiung Veterans General Hospital to no longer need to travel to the hospital to apply for medical records or to apply for the materials required for claims when they need medical claims. Simply log in to the Taiwan Life Insurance website or the “Insurer’s World” of the mobile app to fill in the basic application information online and authorize Kaohsiung Veterans General Hospital to send medical information to Taiwan Life Insurance within the specified range. In addition, policyholders can check the transmission records and personal medical information at any time in the “Insurer’s World”.
When applying at the “Insurer’s World”, Lan Tung-Yi stated that the insurer must confirm which hospital and the department will authorize Taiwan Life Insurance to access medical information, and the information will be authorized to Taiwan Life Insurance.
After the policyholder authorizes, Taiwan Life Insurance will pass the authorization to Kaohsiung Veterans General Hospital. After the hospital confirms that there is no problem, it will transfer the medical information authorized by the policyholder to Taiwan Life Insurance.
He further stated that the contents and forms of the data that can be authorized are quite diverse. They can be data in specific fields, medical certificates, and imaging data. Even the policyholder can provide his medical record summary.
All policyholder information stored in the hospital is can sublicense. However, “how all information is used depends on the authorization of the policyholder.” He emphasized.
The authorization provided by the public through the eClaim blockchain is also limited. “People are worried that their information is unlimitedly available, but in fact, it is not the case.”
Lan Tung-Yi mentioned that, just like the concept of the insured going to the hospital to apply for medical documents and other medical materials, now, these options are only listed on the authorization interface that the insured can check on their own.
Lan Tung-Yi mentioned that this approach has been implemented in Kaohsiung Veterans General Hospital for one year. At present, 7% of Taiwan Life Insurance policyholders who seek medical treatment at Kaohsiung Veterans General Hospital apply for claims through the eClaim claims blockchain platform. Even in May of this year, Taiwan Life Insurance further expanded its cooperative medical institutions, cooperating with Fu Jen Catholic University Hospital, Yuan Sheng Hosptial, and Yuan Rung Hosptial.
He also revealed that there are still several medical institutions under negotiation. In the future, Taiwan Life Insurance will continue to cooperate with other hospitals.
However, as a subsidiary of Chinatrust Financial Holding, Taiwan Life Insurance also draws on the power of many financial control-end blockchain laboratories in the development of blockchain. Lan Tung-Yi said that the blockchain laboratory provides the possibility of blockchain application development, and participates in the cooperation process between Taiwan Life Insurance and medical institutions along the way, not only providing technical assistance but also overcome the problems encountered in the actual application field.
In cooperation with medical institutions, Lan Tung-Yi pointed out that because some hospitals do not want to invest too much cost at the beginning, Taiwan Life Insurance currently provides the Chunghwa Telecom hicloud cloud virtual host for the hospital to use. “In this way, the hospital even There is no need to invest in costs, and acceptance will be higher.” This is also a key strategy used by Taiwan Life Insurance to attract more partner hospitals to join.
To promote the insurance industry alliance chain, most insurance companies must first join in order to be effective
In July of this year, the preservation & claims alliance chain was officially launched, which is Taiwan Life Insurance’s second experience on the blockchain road and even learned from the first practical experience before, now it can contribute the easiest way to all the entire industry.
First of all, before the establishment of the preservation & claims alliance chain/claims alliance chain, each insurance company must first establish a set of data exchange standards, and after discussions in the insurance industry, the decision is made in the most consensus range. Lan Tung-Yi mentioned: “It is necessary to find the minimum common divisor of the data requirements of each insurance company, and find the basic necessary fields for unification.”
However, he revealed that when a number of insurance companies discuss the unification of transmission data formats, the difficulty is that large insurance companies have a higher degree of automation and hope that more fields can be opened when data is imported so that the back-end process can be faster, however, some insurance company systems may not support so many fields.
“Considering that more insurance companies must join the alliance chain to be effective.” Lan Tung-Yi uses a metaphor to explain: “Those who drive Lockheed Martin F-35 Lightning II must slow down and wait for the people who drive F-5E/F TIGER II fighter behind them.” In the initial stage, as long as it reaches the minimum level that the aircraft can fly, it is enough for everyone to keep up.
The alliance chain has started an IT arms race in the insurance industry, and Taiwan Life Insurance is already developing an automatic review mechanism
However, who can fly fast and beautiful after the plane takes off will be a challenge for various insurance companies. Lan Tung-Yi emphasized: “ The preservation & claims alliance chain pulls the services of various insurance companies to the same starting point. The next step is the arms race of various insurance companies. In terms of automation, not only IT investment is required. The quality of personnel should also be improved.”
He further mentioned that in the development of insurance technology, the insurance industry must ultimately use AI. However, before using AI, a series of technologies such as database, NLP technology, OCR technology, and even the process engine of Robot Process Automation (RPA) must be built first.
Lan Tung-Yi revealed that Taiwan Life Insurance has automated the processing of incoming documents. Once the information comes in, it can be immediately imported into the claims system for subsequent claims review without the need to manually log in the data. Moreover, Taiwan Life Insurance is now further developing an automatic review mechanism.
The insurance industry’s military warfare is about to start. Lan Tung-Yi also emphasized that “not only the quality of technical personnel, including security, claims, and underwriting personnel but also a certain level of quality.”
Taiwan Life Insurance has invested in the development and application of blockchain technology very early. As early as the year before last, it began to cooperate with Kaohsiung Veterans General Hospital. In the middle of last year, it officially launched the eClaim claims settlement blockchain (pictured on the left), directly connecting the hospital system for medical treatment. Data exchange greatly shortened the entire claims process from 13 days to 3.6 days. This year, 3 cooperative hospitals have been further added, including Yuan Rung Hosptial (pictured on the right) and Yuan Sheng Hosptial in the Changhua area, and Fu Jen Catholic University Hospital in New Taipei City, expanding the blockchain claims service network to North, Central and southern regions.
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