A blockchain platform called Lifechain will be used for the simplification of life insurance claims. A Singapore-based media organization called Singapore Press Holdings (SPH), a Singapore-based insurance cooperative called NTUC Income (Income), and a subsidiary of MetLife called LumenLab are all working together for this simplification.
The Singapore-based media organization called Singapore Press Holdings (SPH) was established in the year 1984. It is recognized as a leading media organization across Asia. Newspapers, magazines, and books publishing in both a print edition and a digital edition is a purpose of SPH. Digital products, online classifieds, radio stations, and outdoor media are owned by SPH.
The Singapore-based insurance cooperative NTUC Income (Income) was set up in the year 1970. Providing affordable insurance for workers was a purpose of NTUC Income (Income). It has a network of advisers and partners. Life, health, and general insurance products & services are provided through the network.
LumenLab developed the blockchain platform Lifechain. SPH will be helped in sharing and securing the verified data through Lifechain. Blockchain technology is said to provide greater transparency, enhanced security, improved traceability, efficiency and speed of transactions.
MetLife is recognized as a leading financial services company across the world. It was set up in the year 1868. Insurance, annuities, employee benefits and asset management are provided through MetLife. It works in 40+ countries, BusinessWire reported. While an insight-driven growth engine is developed through LumenLab. Problems of customers are profoundly anticipated and empathized through the engine. LumenLab was set up in the year 2014, according to CrunchBase.
A pilot will be started this month. 1,000 randomly selected Income life insurance policyholders will be targeted for the pilot. Family members of the recently dead person can place a notice for this death to an English-language daily broadsheet newspaper based in Singapore called The Straits Times during the pilot. They will be provided with the information related to Lifechain.
National Registration Identity Card Number (NRIC) number is a unique 9-character alphanumeric code of this dead person which will have to be submitted as hashed data1 into the blockchain platform Lifechain. A search related to a matching life insurance policy will be triggered. The family members will be provided with further information through SPH once a match is found. An automatic notification will be provided to NTUC Income (Income) through Lifechain. Once the automatic notification is provided, the claims process will be initiated.
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