Innovation Project Summary Glimpse

Blockchain & Automated Travel Insurance

Blockchain technology offers the potential to streamline the claims process by automating the touchpoints between the First Notice of Loss (FNOL) and the payout of the claim.

4
Weeks
4
Members

Toronto
2018
JAN - FEB
1
MVP
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PROBLEM

TPAs feel frustrated because often the insurance claims process for emergency medical lacks support from family doctors and destination hospitals, insufficient information to finalize the claim. 

Automating the claims process for medical travel insurance

WHY?

The Current Travel Claim Experience Pain Points

PATIENT
  • Long waiting time
  • Confused about who to submit to first
  • Too many forms...not enough time
  • Bad customer experience
TPA
  • Slow notice of claim
  • Process is time consuming
  • Paper based and inefficient
  • 60% of notification of claims is by phone
  • Frustrated customers
INSURER
  • Multiple manual forms
  • Negative brand perception
  • Manual process in obtaining medical information
  • Lack of treatment detail and incomplete claim forms
  • High costs related to length of time processing claims
EMS / HOSPITAL
  • Time commitment to complete requests
  • Billing can run on for months
  • Requests are lengthy and unclear 
  • Non-digital solution
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Discovery

Claims processes are often characterized  by delays, manual input and human error.

Expectations regarding speed of service are increasing due to the rapid advancement of consumer technology.

How to leverage blockchain technology to streamline the claims process by automating touchpoints from FNOL to claims payment.

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SOLUTION

Swift Portal is a centralized platform that addresses areas where a TPA would experience the most friction in the journey of processing a new claim.

In this project, representatives from 4 insurance companies collaborated to understand the current medical travel insurance claim process, identify the pain/delay points within the process, and co-created a TPA Portal MVP called "Swift Portal" by leveraging blockchain technology.

The Balsamic app was then used to create the initial wireframes used as reference for the atomic prototype.

When the 911 operator enters the policy number in their search, it will kickoff the claims chain by notifying the insurance company that a new claim has been started. Status initially set as N – in transit.

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All claims records in the swift system can be seen by the insurance company and the hospital.

On his arrival at the hospital, the patient’s identity is verified in triage.

His policy details and treatment guidelines are viewable by hospital staff.

TPA can continue to monitor the claim and upon close automatically authorize and send payment.

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ESTIMATED IMPACT

Brings improved data quality through new digital tools

Immutable data, ensuring trust between parties

Launches a digital process that reduced cycle times by up to 50%

Increases profitability for all the stakeholders

Travel5

Claims Cost

reduction

speed of information during process, increase in TPA productivity

Travel6

Cycle Time

reduction

in processing claims, quality/accurate information available immediately

Travel7

Insurance Claims

simplified, accurate, faster

all information provided at once

RESULTS

During a 4 weeks period, representatives from 4 insurance companies collaborated to understand the current medical travel Insurance claim process

10
Empathy Maps
15
User Interviews
5
Surveys
35
Wireframes
10
MVP Screens
3
Prototype Iterations
1
Innovation Report
3
Project Presentations
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