Copy link
Increase text size
Decrease text size
Link copied

MetLife’s LumenLab pioneers blockchain initiative to automate life insurance claims

“Insurance” by Pictures of Money is licensed under CC BY 2.0

Fri, 21 Jun 2019, 03:34 am UTC

Metlife subsidiary Lumenlab, together with Singapore Press Holdings (SPH) and NTUC Income, is utilizing blockchain technology to automate the verification process for life insurance claims.

Known as “Lifechain,” the collaboration will allow bereaved families who place their obituaries in a local newspaper to trigger searches to see if their loved ones had a life insurance policy.

Once an obituary is published in SPH’s portfolio company, The Strait Times, the bereaved family will be asked if they want to participate in the new program. If they agreed, Lifechain will encrypt the deceased’s National Registration Identity Card number using hash data and place it onto the blockchain.

This will trigger a search on NTUC Income’s end for a possible matching life insurance policy. If a match is found, SPH will inform families within 1 business day, while Lifechain will send a notification to NTUC Income to start the claims process.

A pilot scheme will kick off this month, and 1,000 NTUC Income policyholders will be randomly selected.

SPH hopes to expand ‘Lifechain’ to include more insurers in time to come to bring greater convenience to family members attending to the deceased’ administrative matters securely,” Julian Tan, SPH Chief of Digital Business, said.

Zia Zaman, MetLife Asia CIO and LumenLab CEO, told Forbes that the use of blockchain technology has several advantages over the conventional database. He pointed out that blockchain technology is more secure, is cheaper to implement, and is way easier to add another node.

International governments, airline companies, and airports have also started adopting blockchain technology. Recently, global account giant Accenture inked a formal agreement with the Canadian and Dutch governments, Air France-KLM, and Air Canada to use blockchain in identifying travelers, a deal called “Known Traveler Digital Identity.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $39,545.00 (-4.34%)
  • Ethereum (eth) $2,584.14 (+0.66%)
  • Tether (usdt) $1.00 (+0.13%)
  • Binance Coin (bnb) $333.41 (-1.26%)
  • Cardano (ada) $1.32 (-1.83%)
  • Bitcoin (btc) $39,545.00 (-4.34%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft