SINGAPORE–(BUSINESS WIRE)–Singapore Press Holdings (SPH), NTUC Income (Income) and LumenLab,
MetLife’s Asia innovation centre, are embarking on an industry-first
collaboration to simplify life insurance claims for bereaved families.
When a loved one passes on, placing an obituary is one of the first
tasks handled by family members, while more involved tasks like finding
out if the deceased has a life insurance policy and filing for a policy
claim are put on the backburner.
Given that both tasks require a lot of the same information about the
deceased person, SPH, Income and LumenLab saw an opportunity to apply
blockchain technology, ‘Lifechain’, to automate the life insurance claim
process for grieving families. Developed by LumenLab, ‘Lifechain’
enables SPH to securely encrypt and share verification data used for
obituary placement with Income to kick-start the claim process.
‘Lifechain’ will begin piloting this month targeting 1,000 randomly
selected Income life insurance policyholders.
During the pilot, family members of the deceased who place obituaries in
The Straits Times will be informed about ‘Lifechain’. Upon their
consent, the deceased’s National Registration Identity Card (NRIC)
number will be submitted into ‘Lifechain’ as hashed data1 to
trigger a search for a matching life insurance policy. When a match is
found, SPH will inform family members within one working day, while
‘Lifechain’ will send an automatic notification to Income via email to
initiate the claims process.
Family members will also be informed by SPH when a match is not found so
that they can proceed to make checks and file claims with their life
Mr Julian Tan, Chief of Digital Business of…