Metlife will use Ethereum to disrupt $2.7 trillion life insurance industry
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One of the worlds largest providers of insurance has announced the use of Ethereum in order to disrupt the $2.7 trillion life insurance industry…
According to a report by Forbes, MetLife’s Singapore based incubator LumenLab has partnered with both media firm, Singapore press holdings, and insurance company NTCU Income in order to create “Lifechain” a smart contract platform built upon the Ethereum network.
HOW WILL IT WORK?
Claiming a life insurance policy can be an unnecessarily lengthy and stressful process for the loved ones of a deceased individual. The act of filing for a claim, and even knowing if that person had insurance in the first place can be difficult.
Lifechain looks to streamline the process by automatically checking if the deceased had a life insurance policy, and subsequently filing the claim if so.
The process starts when a death certificate is issued, triggering Lifechain to encrypt the registration id card onto Ethereum blockchain. This then prompts the NTUC Income to look for any such life insurance policy on its database.
CEO of LumenLab and CIO of Metlife Asia praised the use of blockchain within the insurance industry:
“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.”
ETHEREUM 2.0 ON THE HORIZON As Ethereum sees more and more adoption, including usage by JPMorgan, IBM, and Microsoft to name a few, the project is also gearing up for its 2.0 version.
Ethereum 2.0 or Serenity, as it's been dubbed, is expected to go live on the 3rd of January 2020. The new version of Ethereum will enable the long-awaited inception of the Proof of Stake consensus mechanism.