Hong Kong Science Park Blockchain Startup Launches Health Insurance Claims System

HKSTP incubatee eMALI.IO Limited launched EBT, a cloud-based platform that applies blockchain technology to expedite insurance claims processes.  Officiating guests at the launch ceremony were (from left to right):

• George Tee, Chief Technology Officer, HKSTP
• Charles Mok, Legislative Councillor
• Winnie Wong, Member of the Hong Kong Financial Services Council and CEO of Asia Insurance  
• Dr Lawrence Ma, CEO, eMALI.IO Limited
• Peter Woo, Chief Strategist, eMALI.IO Limited
• Dick Fong, Finance Consulting Partner, PricewaterhouseCoopers

• Patients control how their personal data is used, made possible by the latest blockchain and cryptography technologies.
• Personal data management of the platform aims to comply with the most stringent interpretation of the EU GDPR, the major catalyst for worldwide adoption of personal data control and general handling of consumer privacy.
• Healthcare providers and insurers have unprecedented levels of trust and shared communications for a good user experience while eliminating claim fraud

(Hong Kong, 20 November 2018) - Hong Kong Science and Technology Parks Corporation (HKSTP) today announced that its incubatee, EMALI.IO Limited, a specialist in blockchain and cryptography technologies, has launched the e-Mediflow, or EBT (醫保通) system, a Cloud-based insurance claims platform for the healthcare sector. Co-developed with a consortium of insurance and healthcare professionals, the solution is the first of its kind to apply blockchain technology in providing an easy platform for the healthcare industry to speed up insurance claims processes.

The EBT system offers unprecedented levels of trust and shared communications within the health and insurance industries, bringing benefits to businesses that align with the core demand of patients: general data protection. It opens a direct channel of communication and co-operation between insurance companies and medical practitioners in a shared, secure and regulated environment. The blockchain network holds the various contractual agreements between doctors and insurance companies, giving all parties on-demand information on the medical procedures their respective insurance policies allow. It is designed to expedite insurance claims approvals, save costs, eliminate duplicated claims or potential fraud,and provide reliable and relevant on-demand patient information for medical institutions and insurance companies.

Dr Lawrence Ma, Chief Executive Officer, EMALI.IO Limited, said, “We are seeing strong reception from the insurance industry here in Hong Kong for EBT, with many of them collaborating with us in the development of the platform. They have also expressed their desire to further explore the application of the technology in their business workflows. It took us many years to research, bring the industry together, and test the product before introducing it to the world. The hard work has paid off and we have to thank HKSTP for supporting us throughout the product development. They saw the potential from the very start, understood the positive disruption it will provide to the healthcare industry, and gave us the right tools and business guidance.”

EBT is also the only healthcare insurance platform in Hong Kong currently designed for consumer use. They will have full control of their personal electronic health records with the highest levels of data and privacy protection provided by EMALI.IO’s proprietary blockchain and cryptographic technologies. Consumers will also have on-demand access to relevant information on doctors, clinics and hospitals approved by the various insurance companies.

The system’s application of Distributed Ledger Technology (DLT) means that there is no single location for data storage, avoiding the potential of a single point of failure often seen in centralised data storage systems. Dr Ma said, “Over the years, we have seen many companies were compromised over personal data breaches. Health data is very private and valuable, and should not be hosted in a single location. By applying the latest in cryptography and blockchain technologies, consumers are responsible for their own personal data.”

The EBT platform has taken two years of research and development with the latter part conducted at Hong Kong Science Park since June 2017 and has recently received recognition by the insurance industry. It won three awards at the 2017 AIA Global Blockchain Challenge, and won the 2018 Zurich Insurance Global Innovation Competition in Hong Kong.

George Tee, Chief Technology Officer, HKSTP, said, “Blockchain is a technology for the future. Its tremendous potential for use in various sectors of industry is only starting to be discovered, such as how EMALI.IO has with its EBT platform.

Here at HKSTP, we aim to give the best support for technopreneurs with great ideas to come forward and turn their ideas into viable, practical and commercially-successful products. We call upon start-ups and innovators to come forward and take up the Blockchain-focused accelerator program we have under our Global Acceleration Academy (GAA). We’ll do our best to guide successful applicants to grow their business – whether it is finding the right talent, providing the right research environment, right up to matching with the right investors and customers for commercial success.”

Through HKSTP’s ecosystem and incubation programme, EMALI.IO received various levels of support throughout product development:

• HKSTP’s regular tech showcase, Technologies from Science Park, introduced EMALI.IO with insurance providers and the Actuarial Society of Hong Kong.
• HKSTP subsidised EMALI.IO’s participation in key events such as Hong Kong’s Fintech Week, and EMALI.IO’s nomination for the upcoming London Fintech Week.
• HKSTP’s Industry Connect programme established EMALI.IO’s network with the Law Society of Hong Kong.

The EBT platform will have more value-added services integrated into its system as its user base and demand for its services grow. EMALI.IO plans to add on other features to enhance the solution, including biometric authentication for patients, integration with an insurance underwriting engine, a doctor appointment system, a pandemic alert system, multiple insurance policy management, among others.

*EMALI.IO is an incubatee of HKSTP’s Incubation Programme. This press release is issued by HKSTP on behalf of the company.