Alibaba and Tencent’s insurer rolls out blockchain health insurance technology

Blockchain health insurance - Technology - Health Logo

The new infrastructure tech is already being used with 100 hospitals in China. ZhongAn, a massive insurer in China, recently started using blockchain health insurance technology in a partnership with 100 hospitals. The insurance company is a massive one, providing infrastructure to 10 local providers. The importance of this technology in the Chinese and global insurance sectors The insurance industry, the health care industry and technology are deeply intertwined among each other. They are now dependent on each other as well. Now, Alibaba and Tencent’s insurer has entered into one…

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Health care reform offers insurance industry a boost, study

Medicaid insurance plans standards

The Michigan medical coverage sector has been greatly benefiting from the sale of individual policies. The health care reform is giving quite a shot in the arm to the insurance industry in Michigan, as sales of individual policies have spiked by almost 40 percent in the first quarter of 2014. This, according to a report that was recently released, while profits had been slumping the rebound was large. Last year, profits had been sliding, but this year, the health care reform is giving the industry a considerable boost as there…

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Chubb introduces new insurance product focused on cybercrime and fraud

Cyber Insurance industry popularity

Chubb aims to provide health care provider with new protections The Chubb Group of Insurance Companies, the eighth largest property/casualty insurer in the U.S., has announced the launch of a new insurance product that is aimed at helping small to mid-sized health care organizations manage cybercrime and fraud. Data breach has been a serious issue for many industries and may soon become a serious problem in health care. Per the Affordable Care Act, most health care records are to be stored electronically. The law also paves the way for a…

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Insurers working to adapt to changes in professional liability risks

Medical Malpractice Insurance

Changing laws spur evolution in insurance industry The health care landscape in the U.S. has changed in the two years after the Affordable Care Act was signed into law. Though the future of the law now rests in the hands of the U.S. Supreme Court, the changes it brought to health care and the insurance industry has caused a shift in professional liability risks. Even if the law is overturned, these risks are expected to weigh heavy on insurance companies that provide coverage for health care professionals. Insurers, however, are…

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Hiscox report shows that “super losses” are becoming more common in the U.S.

A new report from Hiscox, a specialist health insurance company in the U.S., shows that so called “super losses” are having an impact on the country’s health insurance industry. Super losses is a term that refers to claims that exceed $50 million. The report notes that these costly claims are becoming more common in the health care sector. Because these claims hold such a large price tag, they often find their way to courts. Juries often side with consumers in these cases and in the past two years have awarded…

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New insurance fee to pay for medical treatment studies

Beginning in 2012, there will be a new federal fee applied to health insurance policies which will be applied to research studies that will help to determine which types of treatments, tests, procedures, and drugs are the most effective. The purpose of these medical studies is to identify whether new tests and treatments truly are as effective as their less expensive generic counterparts. This is a portion of the Obama administration’s health care law that has not received as much hype as other elements such as the state insurance exchanges.…

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Aetna acquires Omaha’s Payflex. Move may have economic implications

Health insurance giant Aetna Inc. has announced plans to purchase Payflex Holdings Inc., an administrator of health savings and flexible spending accounts in the health care industry. The purchase will set Aetna back by $202 million, but shows that the company has plans to expand their operations despite the changes coming to the industry. The deal may have deeper meaning as well, which may have roots in the state of the economy. Brian Gilbreath, president of the Nebraskan Association for Corporate Growth, says that there is growing confidence in the…

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