THEKEY have announced a partnership with Taikang Group, one of China’s largest insurance and financial service institutions. Taikang Group operates across insurance, asset management, and health and elderly care sectors and has ranked in “China’s top 500 companies” 14 years in a row.
THEKEY will provide Taikang Group an integrated solution for Identity Verification (IDV), Medical Term Standardization (MTS) and Claim Process Automation (CPA) for the settlement of commercial insurance.
Currently, insured individuals are required to submit paper medical claim forms to be processed by manual audit. This can be a long and difficult process, especially if documentation is missing and the insured is required to return to a hospital to resubmit information.
Using its pre-authorised access to government authenticated personal identity information (PII), THEKEY is able to quickly verify claims against Human Resources and Social Security departments, allowing for immediate settlement. THEKEY’s platform will also offer Claim Process Automation, which provides anti-fraud protection.
Users will be able to authenticate their data and sign transactions using biometric information such as facial recognition, fingerprints or an iris. This will be made possible through a “Real-ID” wallet which will use the biometric information to trigger a private key.
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