(BlockBar) LumenLab, an innovation center in Singapore owned by MetLife, is working with Singapore Press Holdings (SPH) and NTUC Income, a Singapore insurance company, to build an intelligent contract platform called “Lifechain”, which can quickly help the deceased family members or relatives confirm whether the deceased belong to the claim category and automatically start the claim process.
Last August, Lumenlab successfully tested an insurance solution based on the Ethereum block chain for diabetic patients. The company has developed Vitana, an automated insurance claims product for gestational diabetes patients, in the regulatory sandbox of the Singapore Monetary Authority. It is reported that the upcoming Lifechain is closely related to the core smart contract platform used by Vitana before.
In an interview with Forbes, Zia Zaman, Chief Information Officer of MetLife Asia and CEO of LumenLab, said, “Future applications of distributed Book Technology in insurance will depend to some extent on public sector participation. More innovative governments and judiciaries will see citizens and policyholders in their jurisdictions have a smoother and more satisfying claim experience.” Given the privacy of life insurance, sometimes family members do not know whether the deceased has bought insurance. But with innovative technology, after the death of family members, Lifechain will determine whether they are policy holders by procedural means, and automatically submit claims, greatly simplifying the process of insurance claims and unnecessary procedures.
It is reported that the death certificate will be published by the government database, after which the system will retrieve the identity card information of the deceased. At the same time, it will be further encrypted to the Ethereum block chain, and trigger the database query of the insurance company NTUC Income to find a matching insurance policy. Once relevant policies are found, SPH will notify the families of the deceased and issue obituaries, while NTUC Income will start the life insurance claims process. Therefore, the adoption rate of ETHEREUM network will be dramatically improved after the project starts.
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