How Blockchain Could Change The Health Insurance Industry

Blockchain is the way of the future, whether you want it to be or not. Even if the world does not convert over to using cryptocurrency, which is what Blockchain was designed for in the first place, it will become how most companies keep track of their records. The healthcare industry will be converting to this type of operating platform, as will the insurance industry. Let's take a deeper look at how Blockchain could change the healthcare insurance industry.

Transparency

When an insurance company is closed up and secretive, it points to a possibility of fraud. It is likely not the case because the old-school way of running a business is to keep everything within that business. With Blockchain it presents a new way of conducting business, one that is completely and totally transparent.

If a manager high up in the company wants to audit the health insurance contracts offered, they can. Anyone that is on the same system can check whenever they need to. Or whenever they wish to for security protocols that are in place.

Security

With what was said above about full transparency, you may be worried about how secure the system is. The fact is that Blockchain is way more secure than any other system currently available. It is true that anyone on the system can access the information, but they are authorized to do so. If they choose to attempt some type of criminal activity, it will easily be tracked back to them.

Which is why it is safe from hackers as well. Obviously, if an experienced criminal wants to hack into the system, they may be able to find a way. That will not be enough for them, though, because if they attempt to change the information, the other people on the system will know about it.

Basically, the only way a hacker can gain access and use the information on the chain of blocks is to hack into every computer on the system.

Automation

AI systems are no longer a futuristic concept that is a long way from reality. It is being used by many companies worldwide, including the people within the health insurance industry. How it works is simple and nothing like the movies have portrayed it. The system will take your information, match it with the perfect insurance policy, and send you an offer.

If you choose to go ahead with the offer, you can use the smart contract option online. That means you can sign, pay, and download a copy of your policy within a matter of minutes rather than having to wait days or weeks for everything to get checked out and authorized.

The AI does the job that a team of agents would typically do, but quicker and more accurate. The future is truly here, and it is making the insurance industry much more efficient. If you are intrigued, go check out the platform at iSelect and check the health insurance offers you get and see how fast and simple the process can be.

Legality

You may or may not know that the health insurance industry is controlled by a set of regulations meant to protect the consumer from any fraudulent activities by the carrier. The rules can be complicated for even the trained person to follow. Blockchain completely changes the landscape of the legality of any insurance company that is on the system.

Every time a contract is made, offered, or billed, it goes into the Blockchain platform. The program that runs the system should be connected to the governmental agency that makes the rules and regulations, which means that nothing will be done online that is not legal. AI systems handle the delicate matters of law by following the rules as they are written.

Accountability

Not only will the health insurance company be held accountable for their actions, but every client will also be. You need to think about it this way. Every piece of information that is on the internet, which is a lot, can be used by the AI system to compile a folder about you. Hopefully, they will already have the information available, so it can all be accurate. However, the system will find it if it is on the internet and not protected.

This means that if you decide to make a few little white lies to improve your chances of getting a reasonable rate, you will more than likely be caught in that lie. When that happens, the AI system will either immediately deny your application or claim, or it will increase the cost of the policy that they hand down to you, depending on the adjustments for the exact details of your paperwork.

Final Thoughts

Blockchain and AI are a considerable part of the health insurance industry. If all goes well, it will soon allow all insurance carriers, hospitals, medical care providers, and consumers to connect. This will improve the experience of each customer and will offer fair prices for a suitable insurance policy.

Blockchain and AI are more than likely to blame if you have ever wondered how your doctor can send you reminders and allow you to check in online. It opens the word of health insurance to all types of new possibilities.