MetLife, which offers insurance, retirement and savings products and boast of about 90 million customers spanning across 60 countries is about to adopt Ethereum’s network to improve its service.
MetLife Will Make Claiming Life Insurance Easy
The life insurance giant plans to use the network to solve some of the issues associated with filling a claim for life insurance.
There have been cases whereby the family of the deceased don’t know about the insurance policy. With the new technology in place, such an issue will no longer arise.
Using the Ethereum blockchain, MetLife plans to make the process of filling a life insurance claim less tedious and transparent. This will further help reduce the stress faced by the deceased family during those difficult time.
To help bring this project to realisation, MetLife’s Singapore-based incubator LumenLab has partnered with media corporation Singapore Press Holdings (SPH) and insurance company NTUC Income (Income) in order to launch the Ethereum-based smart contract platform named —Lifechain.
This initiative by the Insurance Company is expected to transform the insurance industry as a whole.
How the New Technology Works
“First, those families who use MetLife’s services will be informed of the new program and welcomed to participate.
In case they agree, Lifechain will encrypt the deceased’s National Registration Identity Card (NRIC) number included in the Death Certificate that is issued by a government database. This number will be placed on the Ethereum blockchain.
Then, search for a matching life insurance policy will start on NTUC Income’s databases. If the match is found, Singapore Press Holdings will inform the family members within a day, while Lifechain will send an automatic notification to Income via email to initiate the claims process.”
Zia Zaman, CIO of MetLife Asia and CEO of LumenLab, stated:
“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.”