Blockchain is a technological breakthrough that will change the health insurance industry. It will allow communication avenues to be more transparent between insurance carriers, medical facilities, and consumers.
Fraud cases will also become less common because the system will compile a public ledger on every person, allowing anything out of place to be seen and investigated before a payout is made accidentally.
The Coalition Against Insurance Fraud shows that 10% of claims are fraudulent, for a total of $80 billion being stolen from companies.
This technology will improve the industry in a few vital ways. As the technology becomes more advanced the industries using it will find that it saves them time and money, as well as saving their customers time and money.
There are four main areas that will change the insurance industry, with advancements on the horizon.