China’s Shanghai creates epicenter for insurance with massive data hub.

TLDR:

• Shanghai has established a big data lab to promote data-sharing that will help insurers develop innovative products for residents of the city.
• The lab will use medical diagnostics and treatment data to create a multi-dimensional analysis map, allowing insurance companies to develop tailored health insurance plans and simplify claims settlement.

The Shanghai Big Data Centre, funded by the local government and the Shanghai Insurance Exchange, was opened by the city’s medical insurance bureau. The lab will utilize medical diagnostics and treatment data cleansed of sensitive information to create a multi-dimensional analysis map, allowing insurance companies to develop tailored health insurance plans for residents. For example, insurers could use big data to develop insurance products specifically tailored for certain drugs used in clinical trials, as well as optimize the list of drugs and medical devices covered by insurance policies. The lab is also expected to streamline claims settlement processes, reducing the need for policyholders to submit multiple forms. Additionally, the lab’s big data can be utilized by drug manufacturers to mass-produce innovative biomedical products.