As one of the top financial firms in the word, MetLife subsidiary MetLife Asia Innovation Center’s, LumenLab, is looking to “blockchainize” life insurance claims for bereaved families. The latest announcement from the company confirms they have partnered with NTUC Income, a Singapore based insurance firm and Singapore Press Holdings Ltd (SPH), a leading media organization in Singapore to make it happen.

SPH, NTUC Income and MetLife’s LumenLab partnership (Source: Business News Wire)

The test version is set to be launched later this month with a thousand random users (from families who will place obituaries in The Straits Times) set to be selected for the LifeChain test.

The system is a simple blockchain system that uses the deceased’s National Registration Identity Card (NRIC) number to find the registered life insurance claim with NTUC Income. This eases out the burden of finding the life insurance claim among several providers to access the insurance left behind by the deceased.

CEO LumenLab Zia Zaman; SPH Chief of Digital Business Julian Tan; NTUC Income Chief Operating Officer Peter Tay (Left to Right)

“By making the customer experience simpler, this SPH – NTUC Income – LumenLab pilot yet again demonstrates the potential of blockchain to shape the future of insurance.” – Zia Zaman

The service will be offered upon consent of the family with the response set to be released to the family members a day later. In case the life insurance policy is not recorded in the NTUC Income’s systems, the family will be informed in the same period.

During the mourning period of a loved one, most bereaved families will not be bothered with life insurance claims but rather on resting their loved one peacefully.

According to the Chief of Digital Business at SPH, Julian Tan, these families should enjoy convenience is accessing the life insurance claims hence the need for the companies to partner to bring LifeChain to life. LifeChain also benefits from being cryptographically secure allowing its users’ data to be protected, encrypted and privately transferred to the users. Mr. Tan further remarked,

“This initiative is also in line with our push for the digital business, tapping on innovation and growing our partnerships to serve our customers better. SPH aims to be the go-to partner for insurers to reach policyholders’ beneficiaries, as soon as advertisers place an obituary in the future.”

Speaking on the latest partnership, Peter Tay COO and head at NTUC Income’s Digital Transformation Office (DTO), was ecstatic on the future of LifeChain and the pride of Income becoming the first insurance partner with LifeChain. With over two million customers in Singapore, Income will open a gateway for its users to adopt the blockchain to recover the life insurance.

Peter further praised the vision of NTUC Income and its latest project, LifeChain saying,

“Blockchain technology offers greater transparency, enhanced security, improved traceability, efficiency and speed of transactions. We believe it will empower us to offer optimal protection of our policyholders’ personal information while enhancing their customer experience with Income.”

The future of insurance in the blockchain industry

The blockchain is influencing a number of sectors of the economy with any field related to data management and transparency being a big target to be baptized. The insurance industry has long been in need of such a system to abolish the information asymmetry that is prevalent in the field and a couple of firms are adopting blockchains to improve their data collection methods.

BlockClaim announced they had received $627,000 USD in funding to push the traditional insurance systems towards blockchain.

Additionally, the U.S insurance giant, State Farm is partnering with United Services Automobile Association (USAA) aiming to start testing blockchain systems in car insurance policies. Lastly, Waterdrop Insurance Company is set to launch a new healthcare solutions based on blockchain after a partnership with Tencent.

The views and opinions expressed in the article LumenLab of MetLife Uses ‘Lifechain’ Blockchain for Life Insurance Claims Automation do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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