• The insurance firm has already used blockchain technology and public ledger.
  • Metlife’s incubator LumenLab is looking to launch Ethereum-based platform called Lifechain.

Metlife, an insurance company, based in New York, is planning to incorporate Ethereum’s blockchain in its system to renovate the life insurance claims process. MetLife’s Singapore-based incubator, LumenLab, is collaborating with Singapore Press Holdings, a media group, and insurance cooperative, NTUC Income, to launch a smart contract platform called Lifechain built on Ethereum. 

The insurance firm has already used blockchain technology and public ledger for a mobile app called Vitana, supported by Ethereum. It was used to pay out claims to expectant mothers who acquired gestational diabetes. Reportedly, Lifechain will use the core smart contract platform, which is very closely related to what was built for Vitana. 

Zia Zaman, CIO of MetLife Asia and CEO of LumenLab, said:

“The future of distributed ledger technology in life insurance will somewhat depend on public sector involvement. Those jurisdictions and governments that are more innovative will see citizens and policyholders in their jurisdictions benefit from less friction, more fulfilled payments, and a general overall improved experience.”

Sometimes, the families of the deceased are unaware if the deceased had insurance. This innovation could also reduce prices and establish new services around tokenization. When a person passes away, Lifechain will programmatically determine if a person was protected by a policy and will automatically file a claim, ruling out other steps involved in the process. 

A death certificate will be provided by a government database after which the system acquire the deceased person’s National Registration Identity Card. Once the match is found, Singapore Press Holdings will inform family members and release an obituary, while the NTUC Income begins the life insurance claim process.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BTC/USD revives the uptrend – Steps above $9,500

BTC/USD trading pair appears to have found support above $9,000. A rebound from the support has pulled above $9,500 amid a building bullish momentum across the market. 

More Bitcoin News

Ripple price analysis: XRP/USD defends falling wedge support; breakout still lingers

Ripple continued to press against key support areas yesterday. The downside momentum was augmented by the broad-based selling pressure in the market. As discussed yesterday, the upside was capped at $0.32 while XRP/USD sustained above $0.30. 

More Ripple News

Retail Investors Can Now Bet on Bitcoin Hitting $100,000 by 2020

This bullish bet on Bitcoin is the first crypto derivatives product open to mom and pop investors since LedgerX sealed approval from the U.S. Commodity Futures Trading Commission (CFTC) to serve as a designated contract market for clients of any size, as Cointelegraph reported in June. 

More Bitcoin News

Bitcoin Cash market update: BCH/USD edges its way towards $300

Bitcoin Cash is revamping the uptrend after falling victim to selling pressure for the second time in the same week. The initial drop towards the end of the last week culminated in a dive under $300 on Monday this week. 

More Bitcoin Cash News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast

BTC

ETH

XRP