Metlifes’s Singapore Based incubator LumenLab has adopted ethereum blockchain by creating lifechain, a smart contract platform and also partnered with Singapore press holdings and life insurance company NTCU.
What is lifechain?
Claiming a life insurance of your deceased family member is a stressful process.
Lifechain makes it easier, it automatically checks if the deceased had an insurance policy, and fills the claim if so.
When the death certificate of the person is issued, lifechain triggers to encrypt the regestration ID card on the Ethereum blockchain. Then NTCU insurance is promoted to look for such life insurance policy on its database. After the procedure is fulfilled, the life insurance is easily claimed.
CEO of LumenLab and CIO of Metlife Asia praised the use of blockchain within the insurance industry.
Ethereum also seems to be getting more and more adoption including usage by JPMorgan, IBM and Microsoft. Alongside, the project is also pumped up for the launch of Ethereum 2.0