Coming soon: Blockchain to share medical records among insurers

in blockchain •  7 years ago 

Lets define this first-- A blockchain can be defined as set or list of continuous records, called blocks, which are securely linked using cryptography.

Imagine a situation where you have applied for a life insurance product purchase and unfortunately have been rejected by an insurance company due to some underwriting related concerns after getting a medical check-up done. Soon, you will have a blockchain system in place that will enable another insurance company to access these records with prior permission of the individual.

Well as per the update - About 15 life insurance companies, including ICICI Prudential Life, HDFC Life and SBI Life Insurance, have partnered with IBM and blockchain solutions provider Cateina Technologies to come together as a consortium to share data with respect to medical records. Once they get a go ahead from the regulator, implementation will begin on a wider scale.

This will help insurers save costs by not spending money on medical examinations multiple times as one record can be shared among all the insurers. For insurance policies, premiums are dependent on the medical health of an individual and the money for initial examination is paid by the insurer.

Now this is going to be an interesting collabration of technologies of past and present creatinb future. So keep yourself updated so the best can reach you first..

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