【Blockchain Trends】Forest Bureau Uses Blockchain to Catch Mountain Rats | Insurance Companies Form Claims Alliance

This article is authorized to be reprinted by Block Tempo, a Taiwan-based subscription-based blockchain media. The article discusses the potential gap between some blockchain applications and actual needs, prompting readers to ponder whether blockchain is a panacea.

Forestry Bureau Uses Blockchain to Combat Rats in the Mountains

Last week, I interviewed the Forestry Bureau on how they are using blockchain for the traceability of wooden products. The podcast episode will be aired tomorrow. Today, I will share my thoughts from the interview for discussion, and tomorrow everyone can listen to the interview for a better understanding.

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Although the Forestry Bureau's press release and various media outlets' headlines talk about using blockchain to combat rats in the mountains, I believe that in reality, this is just a slogan.

Insurance Companies Form Claims Alliance

For a long time, each insurance company has only been willing to serve its own customers, but not others. This meant that people had to make multiple trips in person to complete tasks like changing names or filing claims. Now, led by the life insurance union, 11 life insurance companies have come together to cooperate. In the future, policyholders will only need to submit paper application documents to any of these companies, and the companies will be able to share digital documents through blockchain technology and simultaneously initiate the claims process.

According to a report by Apple Daily:

The Financial Supervisory Commission has approved 11 life insurance companies to use blockchain technology to apply for the trial of the "Preservation and Claims Alliance Chain" service. In the future, policyholders will only need to submit documents to one company, and all 11 participating insurance companies will be able to simultaneously initiate claims, simplifying the application process for policyholders and shortening the time for claims and preservation services (such as changing addresses or phone numbers). The trial will begin on July 1 for a period of six months.

Insurance companies often only recognize paper documents as the original for applications, while digital documents are considered copies. If a policyholder has multiple insurance policies, they cannot expect the insurance companies to proactively mail paper documents to each other. Now, these 11 companies have finally reached a consensus and are willing to take the first step towards digital collaboration. This service is not only beneficial for policyholders but also reduces the human resources costs of reviewing documents for the members of the claims alliance.

The underlying blockchain technology is like a shared folder for the 11 insurance companies, which is both simple and easy to understand. If this blockchain application can be realized, the life insurance union should be credited for successfully persuading various insurance companies to cooperate and establishing a mechanism for accountability in case of accidents, which is not a simple task.

Horizontal collaboration inevitably involves competition among industry players, so in the long run, I am more optimistic about the benefits of blockchain in vertical cooperation.

Recently, many flights have been canceled. If airlines, insurance companies, and banks also transmit digital data through blockchain, passengers may receive compensation for flight delays at the same time as they receive flight delay or cancellation notifications. Similarly, with the collaboration between hospitals' electronic medical records, insurance companies, and banks, doctors could file medical insurance claims while inputting electronic medical records, simplifying the subsequent paper-based workflow.

Blockchain makes people's digital collaboration even closer.

"This article is reprinted with permission from BlockTrend. Original article"

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