This would be able to automatically execute smart contracts and policies among various stakeholders in the Insurance ecosystem, for example: Hospitals, TPAs, Insurance companies, IRDAI and Insured. This would be done using a machine-readable language designed for describing, updating, accessing and communicating policies and contracts between entities and software programs.

To accelerate claims process we utilize Smart Contracts (a derivative of Blockchain Technology), which will automatically execute claims using AI, reducing load on TPA, Hospital and Insurance company. This would automatically trigger insurance authorizations and payments, once given conditions in the individual’s policy document and claims process are met. We estimate wait times would reduce from 5-8 hours to a few minutes.

Personal Health Records (PHR) has been defined as an “integrated view” of all data related to an individual across various health providers comprising of medical history, medication and allergies, immunization status, laboratory test results, radiology images, vital signs, personal stats, demographics and billing information, and multiple health apps. We suggest a Blockchain framework for protection of medical data and democratized sharing of data (in consonance with the proposed DISHA Act 2018, GDPR and HIPAA). The PHR is maintained in a secure and private environment, with the individual determining rights of access. This will be made possible through Health Data Fiduciaries (trustees) that shall facilitate consent-driven interaction between those that generate the health data and those who use PHR data.