MAS and Ministry of Health Developing Data Sharing Platform for Faster Insurance Claimsby Fintech News Singapore December 9, 2020
Insurance is a crucial aspect of every individual’s financial planning, while much of the world has been focusing on how to get more people insured, little discussions have been had surrounding the pain points and inefficiencies of the insurance claim process.
There’s a lot of anxiety during this process, while dealing with his or her medical conditions the individual is also faced with uncertainty over their claimable amount. Hospitals have to access multiple systems to request or provide information to different insurers and what’s worse is that some of the processes are still paper-based.
In recognition of these issues Ravi Menon, Managing Director, Monetary Authority of Singapore said that they are working with the Ministry of Health, and Integrated Health Information Systems to develop a new technology platform to enable data sharing with patient consent.
This is done in collaboration with the insurance and healthcare sector in the hopes creating a more efficient claims processing experience, reduce duplicate claims, manual errors and processing time.
The live pilot for this project will begin next year.
Featured image credit: Screengrab from Youtube