The zoonotic Coronavirus (CoV) has pushed the Chinese insurance service providers to fall back on the blockchain technology to expedite the claims payouts. The virus has affected 27 Chinese cities. It has killed 810 people and has infected more than 37,000 people, as per reports. Many in Hong Kong are opting to work from home as a precautionary measure.
The Coronavirus payout:
The insurance that one can claim against Coronavirus is a one-time payout of 100,000 Yuan (US$14,320). Additionally, 100 critical illnesses are declared entitled to 300,000 Yuan, as per Xiang Hu Bao’s maximum payout for its participants. The coronavirus payout will be funded with Ant Financial’s capital, which is not the same as the Xiang Hu Bao’s maximum payout.
Relying on the blockchain technology to expedite the payouts:
Xiang Hu Bao (Ant Financial owned online mutual aid platform) has given out a collective claims sharing mechanism. This mechanism relies on the blockchain technology to provide health plans. Xiang Hu Bao is not an insurance product in itself.
With the help of the blockchain technology, the claiming mechanism is duly verified is getting quickly settled. It is available on the popular Chinese mobile payment app- Alipay.
The Chinese Government Aid:
The capital of China, Beijing, has declared that all the expenses for the medication and health care services related to the Coronavirus threat will be supported by the government. Xiang Hu Bao’s contribution is supporting the government aid further.
Blockchain and health care services are coming together to fight Coronavirus in Hong Kong:
By far, Coronavirus has resulted in 26 cases of illness and one death in Hong Kong. In the country, Blue Cross (Asia-Pacific) Insurance is aiming to support the health care services by quickening the time consumed by the data verification and other related paperwork processes. Blue Cross has offered its blockchain services to support the cause.
Blue Cross’s blockchain-supported medical claim app services are able to expedite the process by administering more than 1K transactions in 60 seconds which does not require any manpower. The blockchain-reliant medical claim services had tremendously helped policyholders since April last year.
Blockchain-backed Blue Cross’s app in need of the hour:
The efficiency of this app has come in handy in need of the hour, as it has remarkably reduced admin efforts, human error, fraud, time consumption. Moreover, the patients and the insurance policy claimers are able to get a result against their claims in the short time span of 24 hours, after they pay a visit to their nearest doctor or hospital.
Coronavirus has postponed the Crypto conferences in Asia:
The virus has affected the mainland and surrounding places. The physical and psychological dangers have resulted in affecting the crypto conferences across Asia. For instance, Hong Kong’s annual ‘Token2049’ which was scheduled to take place in March, will now take place from 7th to 8th October.