MetLife, the world’s sixth-largest insurance company, using Ethereum to transform life insurance

2019-6-20 10:15

MetLife, one of the globe’s largest providers of insurance, is using Ethereum to transform the life insurance claims process.

Using Ethereum to transform life insurance

LumenLab, MetLife’s Singapore-based incubator, is collaborating with media group Singapore Press Holdings and insurance cooperative NTUC Income to release “Lifechain,” a smart contract platform built on Ethereum, reported Forbes contributor Steven Ehrlich.

The life insurance claims process naturally comes with notable friction. After the loss of a family member, filing a claim can be difficult. And, because of the private nature of life insurance, sometimes families are unaware the deceased was insured.

Lifechain programmatically determines if the deceased was protected by a policy and automatically files a claim.

How it works

When a government database issues a death certificate, the system retrieves the deceased’s National Registration Identity Card and encrypts it onto the Ethereum blockchain. This triggers query on NTUC Income’s databases looking for a matching life insurance policy.

If a match is found, Singapore Press Holdings will inform the family members, and presumably release an obituary. Meanwhile, NTUC Income will initiate the life insurance claim process.

Benefits of the blockchain

Overall, the process eliminates multiple steps in the claims process, giving more space for a family to mourn. The innovation could also lower prices and result in new services around tokenization.

Zia Zaman, CIO of MetLife Asia and CEO of LumenLab, said:

“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,” in a comment to Ehrlich.

Ethereum is changing the enterprise landscape

The news is another indicator that Ethereum will have real-life enterprise applications. MetLife is the globe’s sixth-largest non-health insurance provider and the mutual company has 90 million customers in over 60 countries. The firm is ranked 44th on the Fortune 500 list.

Ethereum could see a substantial increase in use if the insurance industry begins using the blockchain platform. Especially when considering that, in the U.S. alone, life and health insurance premiums total $595 billion annually.

The news shouldn’t come as a surprise. A multitude of large corporations are incorporating Ethereum into their services and processes, including Microsoft, Ubisoft, JPMorgan, and IBM.

The post MetLife, the world’s sixth-largest insurance company, using Ethereum to transform life insurance appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3841.74 (+0.43%)
Объем 24H $12.234b
Изменеия 24h: 1.33 %, 7d: -2.27 %
Cегодня L: $0 - H: $3841.74
Капитализация $461.568b Rank 2
Цена в час новости $ 289.1 (1228.86%)

insurance ethereum metlife transform life using world

Источник: cryptoslate.com

insurance ethereum → Результатов: 42


SingularityNET сотрудничает с китайским страховым гигантом – Ping An Insurance

Недавний отчет показал, что китайский страховой гигант Ping An вступил в партнерство с основанным на Ethereum (ETH) децентрализованным искусственным интеллектом (AI) стартапом SingularityNET.

2019-3-17 00:30


Фото:

Ethereum Finds Potential Use Case in Hurricane Florence’s Arrival: Automated Insurance Payouts

Ethereum (ETH), the largest altcoin concerning market cap seems to be on a long ride down, as the price of the smart contracts-focused crypto token has slumped considerably in the past few weeks. However, this has not deterred enthusiasts from exploring new horizons, as according to a report on Forbes, dated September 11, 2018, Ethereum’s blockchain could play a pivotal...The post %%POSTLINK%% appeared first on %%BLOGLINK%%.

2018-9-14 20:00


Фото:

AMA With Origin Team Reveals Plans for Decentralized Sharing Economy

Matt Liu, Josh Fraser and former PayPal head Yu Pan want to bring the blockchain to the sharing economy. The trio is devising a platform with an emphasis on inclusive, peer-to-peer service hubs designed to decentralize the same consumer cost-friendly business models that have made companies like Airbnb, Uber and Lyft so popular in recent years.

2018-8-16 23:25


Neluns – New generation financial ecosystem

The Neluns team recently announced it’s ICO, which will be held in three stages (rounds): Pre-Sale, Pre-ICO, ICO. The mission of Neluns is to create an innovative financial ecosystem combining within itself a bank that works with fiat as well as cryptocurrencies, a cryptocurrency exchange, and insurance company, thus, creating the most beneficial conditions for […] The post Neluns – New generation financial ecosystem appeared first on Ethereum World News.

2018-7-31 15:04


Terawatt ICO

Terawatt will create a Decentralized Autonomous Organization (DAO), and also create a highly deflationary Ethereum based currency for global payments. The DAO will act as a decentralized global mutual/insurance fund to ensure Utilities (and businesses) always have access to funding (which constantly runs out) for subsidizing L.

2018-7-1 11:11


Фото:

On Radical Markets

Recently I had the fortune to have received an advance copy of Eric Posner and Glen Weyl’s new book, Radical Markets, which could be best described as an interesting new way of looking at the subject that is sometimes called “political economy” - tackling the big questions of how markets and politics and society intersect.

2018-7-21 04:03


Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Vitalik Buterin critiques Bitcoin’s block size war, calls for innovation

Vitalik Buterin, co-founder of Ethereum, has provided a detailed reflection on the Bitcoin block size wars, a significant conflict within the Bitcoin community that spanned from 2015 to 2017. This debate centered on whether to increase Bitcoin’s block size limit from 1 MB to accommodate more transactions, thereby reducing fees and enhancing its utility as […] The post Vitalik Buterin critiques Bitcoin’s block size war, calls for innovation appeared first on CryptoSlate.

IBC to Ethereum: Building the interconnected Internet of Blockchains

Since the advent of Bitcoin in 2009 and the explosion of innovation that followed, the web3 industry has faced many challenges. Beyond dealing with regulators, improving UX, and weeding out bad actors, blockchain engineers continue to tackle two major hurdles: scalability and interoperability.

Blockchain’s Disruptive Impact on Gaming

In our world today, blockchain technology is at the forefront of almost every innovation. A groundbreaking innovation itself, the blockchain was initially associated with cryptocurrencies but is rapidly disrupting other industries.