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Singapore: New Pilot Project Uses Blockchain for Life Insurance Claims

lifechain
Left to proper: CEO Lumen Lab Zia Zaman; SPH Leader of Virtual Industry Julian Tan; NTUC Source of revenue Leader Working Officer Peter Tay, pose for an image at SPH Information Centre on June 10, 2019. (ST PHOTO: JASON QUAH)

Media corporate Singapore Press Holdings (SPH), insurance coverage company
NTUC Source of revenue (Source of revenue), and LumenLab, MetLife’s Asia innovation heart, have
teamed as much as pilot a blockchain platform aimed toward automating the lifestyles insurance coverage
declare procedure, the corporations mentioned
on Monday.

The usage of LifeChain, a era evolved by means of LumenLab, SPH
will encrypt and percentage verification knowledge used for obituary placement with
Source of revenue to kick-start the declare procedure. The initiative is meant to supply larger
comfort to members of the family getting to a deceased’s administrative issues,
whilst streamlining the lifestyles insurance coverage declare procedure.

Lifechain will start piloting this month with 1,000 randomly
decided on Source of revenue lifestyles insurance coverage policyholders.

All the way through the pilot, members of the family of a deceased who position
obituaries in SPH’s The Straits Instances will probably be knowledgeable about Lifechain, and upon
their consent, the deceased’s Nationwide Registration Id Card (NRIC) quantity
will probably be submitted into platform as hashed knowledge to cause a seek for a
matching lifestyles insurance coverage.

When a fit is located, SPH will tell members of the family inside
one running day, whilst Lifechain will ship an automated notification to Source of revenue
by the use of e mail to begin the claims procedure. If a fit isn’t discovered, circle of relatives
contributors can also be notified so they are able to continue to make assessments and record
claims with their lifestyles insurers accordingly.

Commenting at the initiative, Peter Tay, Source of revenue’s COO who
heads the corporate’s Virtual Transformation Place of job (DTO), mentioned that blockchain provides
larger transparency, enhanced safety, stepped forward traceability, potency and velocity
of transactions, “worth propositions [that] resonate with Source of revenue.”

“We’re excited to be the primary insurer to come back on-board
Lifechain. We consider it’s going to empower us to provide optimum coverage of our
policyholders’ private knowledge whilst improving their buyer enjoy
with Source of revenue,” Tay mentioned.

Julian Tan, leader of virtual trade at SPH, mentioned the media
corporate hopes to amplify Lifechain to incorporate extra insurers in time.

“SPH targets to be the go-to spouse for insurers to succeed in
policyholders’ beneficiaries, once advertisers position an obituary within the
long term,” Tan mentioned.

“This initiative may be in step with our push for the virtual
trade, tapping on innovation and rising our partnerships to serve our
consumers higher.”

The Lifechain initiative is the most recent blockchain mission in search of
to make use of the era within the insurance coverage business. 

Allianz, for instance, piloted the use of blockchain and smart
contracts
 to boost up the contract control procedure for disaster
(cat) swaps and bonds.

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

The platform is now in industrial use and used to be projected to
maintain possibility for greater than 1,000 industrial vessels and 500,000 computerized
transactions in its first three hundred and sixty five days of operation. The crowd plans to roll the
platform out to different varieties of trade insurance coverage one day, together with
shipment, aviation, and logistics.

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