US insurance company MetLife's LumenLab is partnering with Singapore Press Holdings and NTUC Income for the first pilot of Ethereum-backed platform Lifechain. It aims to help family members track down life insurance policies held by recently deceased loved ones. The project will be launched in Singapore, where it has been tested on a small scale since last year. MetLife said to expand the service both in Singapore and around the world, additional blockchain platforms may be needed.
US insurance company MetLife's LumenLab is partnering with Singapore Press Holdings and NTUC Income for the first pilot of Ethereum-backed platform Lifechain. It aims to help family members track down life insurance policies held by recently deceased loved ones. The system uses Singapore's National Registration Identity Card data to match individuals with policies, and automatically files a claim when a policy is found. MetLife said to expand the service both in Singapore and around the world, additional blockchain platforms may be needed.