MetLife transforms life insurance issuing with ethereum
The subsidiary of the insurance giant LumenLab is working with other companies to launch Lifechain, a smart contract platform based on ethereum
One of the world’s leading insurance providers, MetLife, is using ethereum to transform the industry. LumenLab is collaborating with the media group Singapore Press Holdings and the insurance cooperative NTUC Income.
Both companies are launching Lifechain, a platform for smart contracts based on ethereum. The application process to collect life insurance can be uncomfortable, especially due to the delicate nature of the business.
That is, after the loss of a family member, filing for collection can be difficult since life insurance are private contracts, and in many cases the family members do not know that the deceased was insured.
The purpose of Lifechain is to optimize the process by determining on a scheduled basis if the deceased was protected by an insurance policy. In this way, the application automatically submits a refund request.
The operation of the tool is simple and automatic. The system is connected to the State Registry. When a government database issues a death certificate, the system retrieves the National Identity Document from the deceased and encrypts it in the blockchain network.
Subsequently, the system is programmed to automatically send a query to the NTUC Income databases in search of a life insurance policy that suits such needs. If there is a match Singapore Press Holdings will inform the family members.
L.Sáenz
Source: Diario Bitcoin
