Samsung SDS: To Launch Blockchain-Based Medical Insurance Network

A global IT solution and service provider, Samsung SDS is planning to release a blockchain-based medical claims processing system. This is expecting to happen this month.

Reports said Samsung SDS Vice- President, Yoon Shim said this news during the Blockchain Seoul 2019. Shim said that they pilot the system since August this year. He also added that during the pilot of the system, medical institutions, insurers joined them to see the effectiveness of the system. He said the system will go live soon. And based on local reports, they are expected to launch it this month.

Making Life Easier

The company said most Koreans are well insured, they often choose not to file claims mainly because of the process which is complicated. The company is aiming to make the process easier. The patient will get a receipt for the medical services and submits the documents to their insurance company. This will then it will be verified before claims are paid.

When the system is live, users will receive a message on Kakaotalk messenger after treatment. It will give them an option to select the receipt button also an insurance claim button, which their details will be sent to the insurer. In this new “blockchain healthcare network” , hospitals, pharmacies, insurers and other companies in the sector will be linked.

Samsung SDS said they have faith that the network will decrease the workload for the medical institutions and will also lessen the wait time to process the claims. This system also said to lessen the cost of processing medical claims which will be up to 70 percent.

Last June, Samsung SDS said that they already have a number of major hospitals signed to the blockchain healthcare network. Including Samsung Hospital, Severance Hospital and Korea University Medical Center and they have ongoing talks with other institutions.

This network is being developed by Nexledger, an enterprise blockchain platform originally created in 2017.