CTBC Financial Holding “eClaim Claims Blockchain”, significantly shortens hospitalization claims time
By: Statecraft Tech
Tags: Blockchain, Claims, Insurance, Taiwan, News

Image source: Statecraft

【Published by: ETtoday | Editor: Li Jing-Yi | Translator: Statecraft 】

Insurance claims have been attacking the application of insurance technology in recent years. CTBC Financial Holding uses the blockchain method to transmit the documents required for related claims, accelerate the process of determining the number of claims, and greatly shorten the claim time for Taiwan Life Insurance insurers. In cooperation with Taichung Veterans General Hospital, the two parties accelerated the review of claims through the data docking system and shortened the time for insurers to obtain claims.

CTBC Financial Holding established the Blockchain Lab in 2016, becoming the first financial company in Taiwan to join the International Financial Blockchain Alliance R3. In the past 3 years, it has promoted Shaman Blockchain payment confirmation services, trade finance credit-like blockchains, and eClaim. The three major services, such as the claims blockchain, include the health and medical sector, which focuses on how the blockchain links financial and medical cooperation projects. The blockchain technology can protect the user’s data authorization trajectory and correctness, and promote the autonomy of medical information. More implementation of participatory and crowd medicine, with academic research, pharmaceutical research and development value.

Jia Jing-Guang, chief technology officer of CTBC Financial Holding, said that the “eClaim claims blockchain” platform in which Taiwan Life Insurance cooperates with Kaohsiung Veterans General Hospital is an application example, and it is Taiwan’s first medical and insurance digital claims service. The trust of the exchange allows policyholders to obtain more efficient claims services.

Jia Jing-Guang further pointed out that in the past, when the insured was discharged from the hospital to apply for medical claims, he had to apply for various written documents to the hospital, and then apply for insurance claims. Later, through the blockchain to transfer authorization documents back and forth, Taiwan Life Insurance can obtain documents from the hospital for claim settlement, greatly shortening the process and time for claim settlement, and it will continue to expand to non-Taiwan Life Insurance policyholders in the future.

Fubon Life Insurance not only launched the “Relief Inpatient Claims Relief Project” in series with the Taiwan medical network, provided inpatient payment services, but also cooperated with Taichung Veterans General Hospital to build a data docking system to upgrade to “Relief Inpatient Claims Relief Project 2.0”. It can directly pass through the data docking system created by the two parties, receive relevant information such as the length of hospitalization of the insured person, medical treatment documents, etc., and automatically calculate the claim amount, deduct the medical expenses when the insured person is discharged from the hospital, expedite the claim review process through insurance technology, and let the insured recuperate safely after discharge, it is exempted from repeating the journey between home and hospital for the purpose of applying for a diagnosis certificate.

Chen Jun-Pan, the general manager of Fubon Life Insurance, said that “caring people” will always be the original intention of the insurance industry. In the future, he will adhere to this spirit and use multiple digital technologies to grasp service business opportunities. In addition, with the advent of the digital era, insurance technology is implemented in various major claims services through “virtual and actual integration”, such as intelligent “easy claims”. Online leaflets can be used to apply for claims, and the time for claim issuance is reduced 3 days reduced to 0.5 days, and you can track the progress of claims instantly.

In addition, Fubon Life Insurance also provides a “Video Claims Service”. For policyholders with physical inconveniences or living in remote rural areas, the policyholders will be notified to the policyholders before the agreed payment date. With video care, claims can be completed in about 5 minutes, and claims can be received as soon as possible, reducing the travel time for the insured to travel to the hospital or related institutions to obtain documents.