Singapore Press Holdings (SPH), NTUC Income, and LumenLab, MetLife’s Asia innovation center, announced a collaboration to apply blockchain technology to automate the life insurance claim process for bereaved families.
Developed by LumenLab, the “Lifechain” technology will enable SPH to encrypt and share verification data from obituary placements, which are used by NTUC Income to start the insurance claim process.
The companies plan to pilot the technology this month, targeting 1,000 randomly selected policyholders.
During the pilot, Lifechain will be introduced to family members of the deceased who place obituaries on The Straits Times.
With their consent, the National Registration Identity Card of the deceased will be submitted into Lifechain as hashed data to trigger a search for a matching insurance policy.
SPH will then inform the family if a match is found, while Lifechain will send a notification to NTUC Income to start the claim process.