The evolving relationship between blockchain tech and the health sector has already been thoroughly documented, yet something that's received less attention is the increasing role blockchains are set to have in the health insurance industry. This industry was worth over $600 billion in 2017 in the United States alone, while calculations suggest that as much as $375 billion is wasted every year by American insurance companies as a result of the paperwork and administrative box-ticking that comes with having a multi-payer health care system. There is, therefore, a massive opportunity for blockchain-related companies and platforms to not only claim a slice of the health-insurance pie for themselves, but to make this pie bigger by cutting down on legacy costs.
Given this opportunity, it's not surprising that an increasing number of companies are looking to bring blockchain-based technology to the health insurance sector. To some extent, many service providers were looking to digitize health insurance before they ever heard of blockchain, yet it's also clear that blockchain tech will bring some definite benefits to the provision of medical insurance. From streamlining claims processes to introducing greater transparency and enabling provider interoperability, blockchains are being increasingly sought by startups and established corporations alike as a means of pushing the industry forward, with many of the biggest names in health insurance already staking their futures on the new technology.