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Blockchain Used in Veryfing Life Insurance Claims

3 min reading

On 17th of June the Business Wire stated in a press release, that Singapore Press Holdings (SPH), the NTUC Income (Income) and LumenLab insurance will establish cooperation. All this in order to take advantage of the possibilities offered by blockchain technology in automating the process of verifying claims for life insurance.

In the event of stating a death, one of the elemental tasks that immersed in grief members of the family have to face is to write an obituary. During the next step, it is unavoidable to check if their loved one had a valid life insurance policy. SPH, NTUC Income and LumenLab claim, that blockchain can become a tool that could simplify the strenuous process of looking this information up.

LifeChain Initiative

LifeChain was developed by LumenLab in order to make it possible for SPH to securely encrypt and share data placed in obituaries sent to Income to initiate the claims process. According to the published information this pilotage will start later this month and it will be directed towards 1000 randomly chosen people. Members of the deceased's family who place an obituary in the "Straits Times" will be informed about the possibility of using LifeChain, and with their consent the deceased's identification number will be transferred to the system. Within one working day SPH will inform authorized persons about finding the policy and then this information will be sent automatically in order to initiate the claim process. In the event of the deceased having not been insured, the message will be forwarded as well.
[...] Blockchain technology will ensure greater transparency, security, better identification, efficiency and speed of transactions. We are glad that we are the first insurer to enter Lifechain. We believe that this solution will allow us to offer optimal protection of personal data to our clients and that it will increase the convenience associated with administrative matters.
- says Peter Tay (Chief Operating Officer).
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