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When we think of the blockchain, cryptocurrencies like Bitcoin, Ethereum, Zcash usually come to mind. However, the blockchain does not necessarily have to concern only cryptocurrencies. Various industries worldwide exploit the blockchain as part of their digital transformation process and integrate it into their solutions and strategies.
For example, launched in Singapore in August, Vitana demonstrates a first type of use of blockchain technology in the health insurance sector, developed through the collaboration between the IT services and the consulting firm Cognizant, the insurance provider Metlife and various other parts. Part of the regulatory sandbox of the Monetary Authority of Singapore (MAS), Vitana is Singapore's first insurance product offering financial protection to women diagnosed with gestational diabetes.
Health innovation talk with Indrani Saha, technological leader, Blockchain Practice, cognizant, who shares his insights on the challenges that companies face when they use blockchain technology, best practices to successfully implement blockchain and "code trust" through blockchain technology.
How does blockchain technology make insurance cheaper, faster and safer for consumers?
Indrani: In today's world, people expect experiences to be simple, automated, digital, and above all, safe. Blockchain technology can help insurance companies overcome today's challenges and create transparent operations based on trust and stability. One of the biggest advantages of blockchain is the way it "encodes trust". Essentially, blockchain offers a decentralized platform for applications that work exactly as programmed without any possibility of fraud, censorship and interference from third parties.
By taking advantage of the blockchain, insurers also have the potential to drastically reduce operating costs by automating the manual tasks required to request, exchange and enter data in areas such as subscription, claims and reinsurance, thus accelerating processing time to make the process faster. customer experience.
One of these cases is Vitana, an intelligent blockchain-enabled insurance system designed to securely connect to customers' electronic medical records through their mobile device to issue a policy within minutes. Activate an automatic payment at the time of diagnosis, without the need to file a complaint, making the whole experience as simple as possible.
How are patient privacy concerns treated with Vitana?
Indrani: Patient privacy was a key priority in Vitana design. Data privacy in blockchain-based applications should be treated in the same way it is treated with other technologies, and should be incorporated into product design from the beginning.
For Vitana, in order to resolve patient privacy issues and provide greater data security, the subscription process is designed to be performed within the mobile app on the patient's device, ensuring that the information on customers are not available to other parties. Furthermore, personal information is pseudonymous if it is to be stored in the blockchain register. Therefore, complete confidentiality on sensitive customer data is guaranteed.
What are the common challenges that health care providers or insurance providers face when trying to take advantage of blockchain technology?
Indrani: Blockchain is poised to reinvigorate the healthcare sector by simplifying operations, enabling seamless data sharing with external stakeholders, integrating patient records and creating new business models. However, unleashing the potential of blockchain in the health sector will require organizations to address significant challenges.
