ZhongAn Insurance is China’s first fully online insurance company.
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In its first year, it has taken out more than 630 million insurance policies and served 150 million customers.
In 2016 they founded ZhongAn Technology, a fintech subsidiary that focuses on research and development using cutting-edge technologies such as blockchain, artificial intelligence, big data and cloud computing.
Some time ago they also signed a cooperation agreement with the municipal government of the city of Guiyang to establish the first “government-business” innovation center dedicated to blockchain technology, namely the Guiyang-ZhongAn Blockchain Joint Innovation Center.
They recently worked with more than 100 hospitals to use blockchain to securely process patient data and financial information.
In China, insurance companies are closely connected with health services.
For example, healthcare providers and hospitals are required to communicate on an ongoing basis with their patients’ insurance companies to ensure insurance coverage of their healthcare services.
The problem is precisely the transmission and safe storage of this data.
To this end, the company has signed agreements with more than 100 hospitals in China to optimize the verification of the correctness of the data and the claims for compensation, so that they can be handled automatically.
Chen Wei, director of technology at ZhongAn Insurance, said: “Assurance sales previously depended on agents and vendors, but younger generations prefer to shop online. Insurance clients no longer need to file paper documents as evidence [of the health services], but can simply tell when and in which hospital they have used them.“
In other words, once you have purchased an online policy, it is recorded on the blockchain system, which is also able to receive all the data on the services provided directly from the healthcare providers, and issue any compensation automatically once the customer/patient requests it.