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LifeChain: Blockchain initiative to automate life insurance claims verification

LifeChain: Blockchain initiative to automate life insurance claims verification

LumenLab pioneers new blockchain initiative to automate the verification process for life insurance claims

 

LumanLab, MetLife’s Singapore-based innovation centre has embarked on another ground-breaking blockchain initiative – this time to simplify life insurance claims for bereaved families in Singapore.

 

Together with Singapore Press Holdings (SPH), the country’s largest and most influential newspaper and publishing company, and NTUC Income (Income), a leading Singapore-based insurer, we have embarked on an industry-first collaboration to securely encrypt and share verification data used for obituary placement with Income to kick-start the claim process.

 

In Singapore, placing an obituary is one of the first tasks handled by family members when a loved one passes away, while more involved tasks like filing a life insurance claim are put on the backburner.

 

Given that both tasks require a lot of the same information about the deceased person, SPH, Income and LumenLab saw an opportunity to apply blockchain technology to automate the life insurance claim verification process.

 

“By making the customer experience simpler, this SPH – NTUC Income – LumenLab pilot yet again demonstrates the potential of blockchain to shape the future of insurance,” said Zia Zaman, Chief Innovation Officer, MetLife Asia and CEO of LumenLab

 

The collaboration which we’ve coined “Lifechain” will begin piloting this month and will target 1,000 randomly selected Income life insurance policyholders.

 

During the pilot, people who place obituaries in The Straits Times will be informed about Lifechain and, upon their consent, the deceased’s National Registration Identity Card (NRIC) number will be submitted into ‘Lifechain’ as hashed data[1] to trigger a search for a matching life insurance policy.

 

SPH will inform family members within one working day when a match is found, while Lifechain will send an automatic notification to Income to initiate the claims process. Family members will also be informed by SPH when a match is not found so that they can proceed to make checks and file claims with other insurers.

 

“SPH hopes to expand ‘Lifechain’ to include more insurers in time to come to bring greater convenience to family members attending to the deceased’s administrative matters securely,” said Julian Tan, Chief of Digital Business of SPH.

 

[1] Hashed data is generated by an algorithm and maps an original string of characters to data of a fixed length. This ensures the secure encryption of information submitted into Lifechain.

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