MetLife’s LumenLab using Blockchain to automate claims
Thursday, 06 20 2019, Category: Technology, Country: World
MetLife subsidiary LumenLab is using blockchain technology to automate life insurance claims, according to a news release published on June 17.
Known as “Lifechain,” the collaboration with Singapore Press Holdings and NTUC Income will enable bereaved families who place obituaries in a local newspaper to instantly trigger searches to see whether their loved one had a life insurance policy.
This month, 1,000 Income policyholders will be randomly selected to take part in a pilot scheme.
The technology works by submitting the deceased’s National Registration Identity Card to Lifechain as hashed data once consent from the family has been obtained. Families are notified within one business day when a matching policy is found, and a notification is automatically sent to the insurer so the claims process can commence.