G&Net Achieves 1.92 Million Real-Time Indemnity Insurance Claims in Q1

G&Net, a provider of real-time claims services for indemnity insurance, announced on April 16 that it achieved 1.92 million real-time indemnity insurance claims in the first quarter of this year. The cumulative number of claims in the first quarter totaled 1,925,000, which is approximately 22% of last year's total of 8.74 million claims. Compared to the 1.97 million claims in the first quarter of last year, this represents a decrease of about 2.4%.

The number of monthly claims increased to 1 million in December last year, but fell to an average of 640,000 per month in the first quarter of this year. A G&Net representative explained, "A private insurance company that had been processing claims using existing data has suspended acceptance. To minimize customer inconvenience, we are converting data from medical institutions into fax documents to file claims on behalf of customers. However, as costs have increased, some partner channels have been converted to paid services, which appears to have slowed the growth in usage."

GNnet Quick Claims for Indemnity Insurance

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Among G&Net's first-quarter claims, 73% were processed using the real-time claims service without customers needing to issue paper documents. This figure is up from last year's average of 68%, thanks to the expansion of integration with medical institutions and electronic medical record (EMR) companies.

G&Net began commercializing its real-time claims service for indemnity insurance in 2020, prior to the revision of the Insurance Business Act. With its open channel strategy, the company expanded its service through Toss in 2021 and Naver in 2023, and has broadened its reach by integrating with various financial institution apps, including those of insurance and card companies. Currently, the service is integrated with about 50 EMR companies, enabling claims to be filed via data transmission immediately after payment at 25,000 hospitals and clinics and over 8,000 pharmacies, all without issuing paper documents. This figure excludes institutions with low indemnity insurance claim frequency, such as public health centers, long-term care hospitals, and dental clinics. G&Net aims to expand coverage to 35,000 hospitals and clinics and 20,000 pharmacies by the end of the year.

A G&Net representative stated, "Since most medical institutions now use EMR systems, they are ready to transmit data electronically upon the claimant's request, and many institutions are fulfilling their obligations through private services."

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