There are medical insurance policies that can be used in multiple countries. These types of policies are usually called “international health insurance” or “expatriate health insurance.” They are designed for individuals who travel frequently or live and work in different countries.
International health insurance policies typically provide coverage for a range of medical services, including inpatient and outpatient care, prescription drugs, emergency medical evacuation, and more. The coverage and benefits can vary depending on the specific policy and insurer, so it’s important to carefully review the policy details before purchasing.
When considering an international health insurance policy, it’s important to check if the policy covers the countries you plan to visit or work in, as some policies may have exclusions or limitations for certain countries or regions.
It’s also important to note that international health insurance policies can be more expensive than standard domestic health insurance policies, due to the additional risks and complexities involved in providing coverage across multiple countries.
The use of Non-Fungible Tokens (NFTs) in the insurance sector is a relatively new concept, but there are some potential use cases being explored. Here are a few examples:
1- Proof of ownership for insurance policies: NFTs can be used to provide proof of ownership for insurance policies. This would allow policyholders to easily transfer ownership of their policies to others, which could be useful for estate planning or other purposes.
2- Verification of claims: NFTs can be used to verify the authenticity of claims made by policyholders. For example, a policyholder could use an NFT to provide proof of ownership for a lost or stolen item that they are claiming.
3- Tokenized insurance products: Insurance products themselves could be tokenized using NFTs. This would allow them to be traded on blockchain marketplaces and potentially provide a new source of liquidity for the insurance industry.
4- Parametric insurance: Parametric insurance is a type of insurance that pays out automatically based on pre-defined criteria (such as weather events). NFTs could be used to represent these parametric triggers, allowing for a more transparent and efficient claims process.
5- Fraud prevention: NFTs could be used to prevent insurance fraud by providing a unique, verifiable identifier for insured assets. This could make it more difficult for fraudsters to make false claims or manipulate the claims process.
NFT Medical Insurance Policy can be more affordable for people who are looking for international coverage. The cost of developing an NFT marketplace can allow the reinsurance companies to automate and control the claims and coverage in each country. It requires the following :
- Platform development involves building the infrastructure, developing smart contracts, and creating the user interface.
- Integration with blockchain. The NFT marketplaces are built on blockchain technology.
- Legal and regulatory compliance where NFT marketplaces is a transparent chain of the process that can comply with various legal and regulatory requirements, such as anti-money laundering and know-your-customer regulations.
Overall, the using of NFT in the new insurance policy captive cell will allow more citizens to benefit from the medical insurance coverage and minimize frauds and minimize the cost of claim management, beneficiary management, renewal cost, and member acquisition cost.