Chinese Ins. Firms use Blockchain to process Coronavirus Claims
Monday, 02 10 2020, Category: Insurance and Reinsurance, Country: China
Insurance firms in China use blockchain to manage coronavirus-related claims amid the outbreak. English-language local news outlet South China Morning Post reported on Feb. 9 that this month Chinese online mutual aid platform Xiang Hu Bao added the coronavirus to the illnesses eligible for the maximum one-time payout of around $14,300 (100,000 yuan).
Xiang Hu Bao is not an insurance policy, but a blockchain-based collective claim-sharing platform that counts 104 million users. Per the report, blockchain technology is employed by the system to prevent fraud and allow for faster claim processing.
Xiang Hu Bao is owned by Chinese finance giant Ant Financial and uses its mobile payment processing service AliPay, which funds the payouts for coronavirus victims with its own capital.