SPH in pilot to use blockchain to ease life insurance claims

Singapore

SINGAPORE Press Holdings (SPH), NTUC Income (Income) and global life insurance company MetLife's innovation centre are piloting from this month an industry-first initiative to automate life insurance claims for bereaved families using blockchain.

Lifechain, developed by Metlife's LumenLab, will allow SPH to securely encrypt and share data used for obituary placement with Income to search for a matching life insurance policy. Should a match be found, SPH will inform family members within one working day and Lifechain will auto-notify Income to then initiate the claims process.