Home News Singapore: New Pilot Project Uses Blockchain for Life Insurance Claims

Singapore: New Pilot Project Uses Blockchain for Life Insurance Claims

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Left to proper: CEO Lumen Lab Zia Zaman; SPH Chief of Digital Business Julian Tan; NTUC Income Chief Operating Officer Peter Tay, pose for an image at SPH News Centre on June 10, 2019. (ST PHOTO: JASON QUAH)

Media firm Singapore Press Holdings (SPH), insurance coverage agency
NTUC Income (Income), and LumenLab, MetLife’s Asia innovation heart, have
teamed as much as pilot a blockchain platform aimed toward automating the life insurance coverage
declare course of, the businesses said
on Monday.

Using LifeChain, a know-how developed by LumenLab, SPH
will encrypt and share verification knowledge used for obituary placement with
Income to kick-start the declare course of. The initiative is meant to supply better
comfort to members of the family attending to a deceased’s administrative issues,
whereas streamlining the life insurance coverage declare course of.

Lifechain will start piloting this month with 1,000 randomly
chosen Income life insurance coverage policyholders.

During the pilot, members of the family of a deceased who place
obituaries in SPH’s The Straits Times can be knowledgeable about Lifechain, and upon
their consent, the deceased’s National Registration Identity Card (NRIC) quantity
can be submitted into platform as hashed knowledge to set off a search for a
matching life insurance coverage coverage.

When a match is discovered, SPH will inform members of the family inside
one working day, whereas Lifechain will ship an automated notification to Income
by way of electronic mail to provoke the claims course of. If a match just isn’t discovered, household
members can even be notified to allow them to proceed to make checks and file
claims with their life insurers accordingly.

Commenting on the initiative, Peter Tay, Income’s COO who
heads the corporate’s Digital Transformation Office (DTO), mentioned that blockchain provides
better transparency, enhanced safety, improved traceability, effectivity and velocity
of transactions, “value propositions [that] resonate with Income.”

“We are excited to be the primary insurer to return on-board
Lifechain. We consider it’s going to empower us to supply optimum safety of our
policyholders’ private info whereas enhancing their buyer expertise
with Income,” Tay mentioned.

Julian Tan, chief of digital enterprise at SPH, mentioned the media
firm hopes to broaden Lifechain to incorporate extra insurers in time.

“SPH goals to be the go-to associate for insurers to succeed in
policyholders’ beneficiaries, as quickly as advertisers place an obituary within the
future,” Tan mentioned.

“This initiative can be in step with our push for the digital
enterprise, tapping on innovation and rising our partnerships to serve our
prospects higher.”

The Lifechain initiative is the most recent blockchain challenge searching for
to make use of the know-how within the insurance coverage trade. 

Allianz, for instance, piloted the use of blockchain and smart
 to speed up the contract administration course of for disaster
(cat) swaps and bonds.

A collaboration of entities that features EY, Guardtime,
A.P. Møller-Maersk, Microsoft, and ACORD, launched
blockchain-powered marine hull insurance coverage platform Insurwave in 2018.

The platform is now in industrial use and was projected to
deal with danger for greater than 1,000 industrial vessels and 500,000 automated
transactions in its first twelve months of operation. The group plans to roll the
platform out to different varieties of enterprise insurance coverage sooner or later, together with
cargo, aviation, and logistics.

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