Singapore Press Holdings (SPH), a media organization based in Singapore, has teamed up with insurance firm NTUC Income and MetLife’s Asia innovation center, LumenLab, to pilot a blockchain-based platform designed to automate the life insurance claims process.
As reported by CoinJournal, SPH plans to use LifeChain, a technology developed by LumenLab, to encrypt and share verification data used for obituary placement, with NTUC Income kickstarting the claim process.
The initiative is expected to provide greater convenience for family members attending to the administrative matters of the deceased, while also streamlining the claims process. LifeChain began piloting in June with 1,000 Income life insurance policyholders selected at random.
Family members of a deceased with obituaries placed in SPH’s The Straits Times are informed about LifeChain, after which the deceased’s National Registration Identity Card (NRIC) is submitted to the platform upon receiving consent. Cards are submitted as hashed data in order to trigger a search for a matching life insurance policy.
Upon finding a match, SPH informs family members within just one working day, while LifeChain delivers an automated email notification to NTUC Income to begin the claims process.
Peter Tay, NTUC Income’s COO who also heads the firm’s Digital Transformation Office (DTO), touted the advantages of blockchain, noting that the technology offers increased transparency, enhanced security, and improved traceability, efficiency and speed of transactions.
LifeChain is only the latest initiative aiming to incorporate blockchain into the insurance industry, with SPH hoping to expand the technology to include more insurers as the platform becomes more established.
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