LumenLab, the MetLife innovation centre, is aiming to simplify life insurance claims by using blockchain Ethereum.

MetLife will be using the technology to securely encrypt and share verification data use for obituary placement to boost the claims process.

The collaboration, with Singapore Press Holdings and NTUC Income (Income), is called “Lifechain”. It will also target 1,000 randomly selected Income life insurance policyholders for its pilot.

During the pilot, people who place obituaries in The Straits Times will be informed about Lifechain and, with consent the deceased’s National Registration Identity Card (NRIC) number will be submitted into Lifechain as hashed data to trigger a search for a matching life insurance policy.

SPH will then inform family members within one working day when a match is found. Lifechain will send an automatic notification to Income to initiate the claims process. Families will also be informed if a match is not found so they can proceed to make checks and claims with other insurers.

“By making the customer experience simpler, this SPH – NTUC Income – LumenLab pilot yet again demonstrates the potential of blockchain to shape the future of insurance,” said Zia Zaman, Chief Innovation Officer, MetLife Asia and CEO of LumenLab

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By GlobalData

“SPH hopes to expand ‘Lifechain’ to include more insurers in time to come to bring greater convenience to family members attending to the deceased’s administrative matters securely,” said Julian Tan, Chief of Digital Business of SPH.

Italian insurance major Assicurazioni Generali is reportedly engaged in negotiations to acquire the central European assets of American insurance company MetLife.

Through the proposed deal, Generali aims to expand its operations in high-growth Central European markets.

In addition, MetLife is reportedly planning to acquire additional stake in its Indian joint venture PNB MetLife India Insurance Company from its Indian partners.

An undisclosed source familiar with the development told The Economic Times that, “MetLife is now looking to buy stake in the Indian life insurance company.”