ABSTRACT
With the evolution in technology, our world is changing rapidly into a digital world, providing efficient and effective solutions. The digital world has transformed our lifestyle to a greater extent by providing automation and better opportunities. Artificial Intelligence (AI), automation, and other advances are increasingly altering the fundamental nature of business. AI and automation are changing how organizations interact with their customers and carry out their core processes, helping them reimagine the way in which they operate. The gains of automated processes include efficient service, 24×7 accessibility, enhanced efficiency, and reduced operating expenses. With the advancement in technologies, the need for security increases in line with the level of challenges over the security of data. The need for a powerful framework arises for the prevention of security violations. We need transparent, secure, and efficient processes. The need for such a system gave birth to a new technology known as Blockchain, which has revolutionized the digital era into a one-step-ahead era with a greater level of security. Blockchain is a ledger-based technology. It is used for recording data in an immutable and verifiable manner. It came into existence after the creation of Bitcoin cryptocurrency, which uses Blockchain as its underlying technology. Bitcoin uses Blockchain but it is an astonishing technology, which is not restricted to cryptocurrency only but can also be used in individual areas. Blockchain provides a much more transparent system with immutable data, thereby providing a higher level of security.
The health insurance sector is facing difficulties despite the rise in the demand for health insurance and the presence of health insurance companies. A powerful framework is desired where security and efficiency are both essential. This chapter demonstrates the application of AI and Blockchain technology in the health insurance industry. By storing and managing insured clients’ records on Blockchain and enhancing their security, Blockchain technology can provide efficient solutions to problems in the health insurance sector.
