According to the latest report, insurance company MetLife is looking forward to overhauling the process of claims in life insurance by employing the blockchain of Ethereum. Moreover, MetLife’s incubator LumenLab is reportedly getting into partnership with a media group Singapore Press Holdings and an insurance cooperative NTUC in order to release Lifechain, a smart contract developed by Ethereum.
Previously, for a mobile application Vitana, MetLife used the public ledger and blockchain technology supported by the Ethereum to pay out claims to pregnant women who acquire gestational diabetes. The new platform Lifechain will be similar to Vitana.
Zia Zaman, the CEO of LumenLab and CIO of MetLife in an interview with Forbes that the blockchain technology’s future in life insurance depends on the involvement of the public sector. Governments and law enforcing organizations that are more open to innovation are likely to take steps in order to ensure that their citizens experience more fulfilling payments, and an enhanced experience.
Moreover, Lifechain could potentially decrease the prices and come up with new services around the tokenization. The smart contract platform will automatically file a claim after the loss of a family member, hence, eliminating the multiple processes that are typically involved in these scenarios.