The Financial Supervisory Commission (FSC) has approved a pilot project involving a joint blockchain platform by a group of life and P&C insurance companies.
The pilot will start on 1 July and last for six months, reported Liberty Times.
Through the platform, policyholders can file claims or make changes to their personal data with multiple insurers in a single submission instead of having to contact each individual insurance company with which they have policies.
The 11 insurance companies in the pilot are: Cathay Life Insurance, Fubon Life Insurance, Nanshan Life Insurance, Shin Kong Life Insurance, Taiwan Life Insurance, Yuanta Life Insurance, China Life Insurance, TransGlobe Life Insurance, First Life Insurance, Cathay Property Insurance and Fubon Property Insurance.
Referring to this pioneering use of blockchain technology, the FSC says that it would make insurance services more convenient because several documents can be processed in a single submission and reach more than one insurer.
The FSC says that one benefit is the simultaneous online updating of personal information with multiple insurers. For instance, if a customer needs to update his residential address for three insurance policies purchased from different insurers, he can do so through the platform as long as the three insurers are among the 11 members of the blockchain alliance. The changes in personal details need only be transmitted to one insurer and they will be updated automatically into the databases of the other two insurers.
Another benefit is that the insured can lodge a medical insurance or accident insurance claim through the system. The claim is to be submitted to only one of the participating insurance companies and other insurers will be notified automatically, where relevant.
The Insurance Bureau of the FSC stresses that it will continue to encourage the insurance industry to use FinTech to make customer service more convenient, facilitate inclusive finance, and enhance competitiveness.