Posted by (American Life Insurance Guide 06/21/2019 News)MetLife MetLifeCooperate with the blockchain platform Ethereum, and use the platform technology inLife Insurance IndustryPilot project launched1.The goal of the project is to help their beneficiaries confirm that they receive the corresponding compensation when someone passes away.
The current problem in the insurance industry is that the information between policyholders and beneficiaries is opaque and asymmetrical.
This situation is detrimental to the insurance industry and customers.MetLife MetLifeHope to solve this efficiency and transparency problem by deploying blockchain technology.This technology is expected to be used in the claims process.
This is considered to be the first pilot program involving the application of blockchain technology in the life insurance industry.In order to conduct experiments, insurance companies and cooperative institutions have created a smart contract platform called "Lifechain", the purpose of which is to allow the relatives of the deceased to quickly determine whether they are the beneficiaries of the life insurance contract.Then, you can enter the automatic claims process.
How does this pilot project work?
The idea of the project is that once News Corporation’s media releases any obituaries, relevant family members will be notified of the project immediately.If the beneficiary chooses to participate in the launch of this project-the "Lifechain" platform will use a hashing algorithm to encrypt the deceased's ID number (included in the death certificate) and place it on the blockchain.This will trigger a search within the system to find matchingLife insurance policy.If a matching policy and beneficiary are found, "you will be notified within one working day, and'Lifechain' will automatically notify you via email to initiate the claim process."
If the blockchain pilot project succeeds, it may change the original claims rules of the entire life insurance industry.
Under the current circumstances, when our relatives pass away, it is difficult for us to know whether he is insured with life insurance and whether we are the beneficiaries.The current industry process is,The beneficiary needs to know in advance whether the policy exists and which insurance company issued it, and also needs to know that he is the beneficiary.Only in this way can a claim be made after the death of the insured person.
The result of this is that there are thousands of unclaimed insurance policies each year.With the passage of time, it is increasingly difficult for insurance companies to find the corresponding income. In the end, the beneficiary may not even know that he may be the beneficiary of a life insurance policy.
MetLife’s Chief Information Officer in Asia commented, “From the perspective of security, we think (doing this) is good. "At the same time, relevant personnel also pointed out that the application of blockchain technology in the life insurance industry is an opportunity to experiment and learn new technologies, which is unmatched by the use of traditional database technology.American Life Insurance GuideCommunity analysts believe that it is more important that the use of blockchain technology means that a future platform can be built, new standards can be generated, and multiple parties in the life insurance industry can participate.
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Related reports:
01. MetLife Plans To Disrupt $2.7 Trillion Life Insurance Industry Using Ethereum Blockchain, 06.2019, https://bit.ly/2Y2vOXO
