MetLife’s Asian innovation lab
LumenLab is developing LifeChain, a blockchain to start the life insurance claims process in Singapore. The novel approach is to initiate the claim when an obituary is posted in a newspaper because the data about the deceased loved one can match up with an insurance policy. Hence LumenLab is collaborating with Singapore Press Holdings (SPH) and Singapore insurance cooperative NTUC Income.
When publishing an obituary, many loved ones are not yet ready to start dealing with the relative’s estate. LifeChain aims to help expedite the process.
This month there will be a pilot with 1,000 randomly selected NTUC life insurance clients.
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