THEKEY Big Data Processing Technology Starts New Journey in Commercial Health Insurance

With the recent announcement of the application results of the research subjects of The Insurance Society of China in 2017, THEKEY has ushered in a piece of good news: The subject, “The Big Data Mining of Healthcare and the Application of the Health Insurance”, which is in cooperation with China Life Reinsurance Company LTD. (75 billion dollar market cap, hereinafter referred to as ChinaRe), has stood out from many national applications and received project approval. This serves as yet another achievement of THEKEY in the social security data socialization – the application in the field of commercial healthcare insurance has been fully affirmed and expected.

At present, the development of commercial health insurance is facing several problems, including: 1) Difficulty in risk control as a result of insufficient and incomplete healthcare data foundation; 2) The big gap between the supply and the demand of the existing health insurance products.

The innovative application from THEKEY is based on healthcare big data mining of health insurance. It was done through the exploration of great knowledge value derived from medical treatment and health insurance. It can offer the solution for the problems of using healthcare data in insurance industry, and subsequently promote better development of the health insurance. This will improve the health insurance standard and the quality of life of the people.

Healthcare big data has been confronting a number of problems such as large scales, diversified forms of information, structure diversification and isolated island effect caused by dispersed storage. These problems lead to serious hindrance of effective analysis, data mining and use of the information. This is a key technical issue that can decide whether the healthcare big data could really promote the development of the health insurance. With THEKEY, we now have a solution. We can innovatively apply the healthcare big data processing technologies that are self-created by THEKEY, such as terminology standardization and semantic recognition, to lay down a solid and reliable technical foundation for the exploration of application of healthcare big data in the field of health insurance.

THEKEY healthcare big data processing, which is a foundation for Dynamic Multi-dimensional Identification (DMI) technology, is world-leading and has obtained a number of patents. Currently, it has been well applied and playing a significant role in various projects, such as mobile healthcare insurance payment, third-party healthcare data cleaning, data standardization of reimbursement list issued by local healthcare insurance bureau. This subject paved a new journey for our big data processing technology to enter the field of commercial health insurance. THEKEY will devote itself to the development of big data processing as well as DMI technology. The company endeavor to develop Blockchain-based Dynamic Multi-dimensional Identification (BDMI) combined with blockchain technology.