HashCash Consultants is planning to intensify its blockchain initiatives around the insurance sector, to build meaningful and strategic partnerships with major industry players to streamline the processing of critical claims.
The initiative is motivated by the insurance distress caused during the ongoing COVID-19 pandemic where both the companies and the patients are struggling to process claims. The cause of this confusion falls back on an inept and outdated system that is heavily dependent on human interference and manual paperwork.
“The novel coronavirus pandemic has been an eye-opener for the world, baring the flaws and fundamental issues in legacy systems. It has shown us how ill-equipped we are to deal with a critical medical situation and its global repercussions. The pandemic experience has motivated team HashCash to accelerate its blockchain initiatives in the insurance sector to augment the existing processes of document management and claims processing.” Commented Raj Chowdhury, CEO, HashCash Consultants.
The company aims to work with the major insurance industry players and contribute to bringing significant enhancements into the legacy architecture with the help of blockchain so that they are better prepared next time a global crisis strikes.
The Sluggish Processing of Insurance Claims:
The reformation of the insurance sector has been long overdue. Even in this Digital Age, it takes days to process a minor vehicular accident or health insurance claim. A person has to make several calls and go through hours of painstaking efforts coordinating with insurance companies, healthcare management, and all other involved parties. At the end of it, the pay takes at least a few weeks to reach the person.
This delay is caused due to the involvement of multiple intermediaries and the system’s dependency on the paperwork that is hard to track. It makes make the process unnecessarily complicated and time-taking. There is also a fundamental lack of trust and transparency between the insurer, the mediators, and the person filing for the claim.
When such a disjointed system is confronted with a global health crisis, a total disorder is expected. In the ongoing situation, the insurance companies have been flooded with health and life insurance claims that due to the social distancing protocol they do not have enough manpower to tackle let alone fast-track. Due to this, the people affected by the virus are facing great difficulty in getting the money.
Blockchain for Fast-tracking Insurance Claims:
An insurance company with a blockchain integrated system will take minutes to process a claim, as against the present timeline of weeks. HashCash aims to work with insurance companies to create a blockchain-based system that helps all the key players such as the insurers, payment processors, healthcare facilities, medical professionals, patients (in a health-related scenario) involved in claims processing to coordinate with each other on a single platform. It will help create a level of trust and transparency among the participants and fast-track the claims.
The use of shared, immutable ledger and, smart contracts will eliminate the need for paperwork. The claims will get processed automatically once all the conditions in the smart contracts are met. It will get recorded into the ledger, never to be tampered with. The elimination of paperwork is essential in a pandemic situation when human interaction becomes the first cause of contagion.
Owing to a blockchain-powered system it will take seconds for a person to get the insurance payment once the processing is completed.
Raj Chowdhury, CEO of HashCash Consultants, mentioned, “HashCash’s post-lockdown initiatives will be driven by the pandemic experiences, which have been motivating us to mend the pain areas in the existing systems and transform the broken down architecture, making it future-ready, if a similar crisis has to arise again.”
About HashCash Consultants:
HashCash is a global software company. HashCash Blockchain products enable enterprises to move assets and settle payments across borders in real-time for Remittances, Trade Finance, Payment Processing, and more. HashCash runs US-based digital asset exchange, PayBito & digital asset payment processor, BillBitcoins. HashCash offers exchange and payment processor software solutions, ICO Services, and customized use cases. HashCash propels advancement in technology through Blockchain1o1 programs and its investment arm, Satoshi Angels. HashCash offers solutions in AI, Big Data, and IoT through its platforms, products & services. HashCash solves the toughest challenges by executing innovative digital transformation strategies for clients around the world.