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MetLife Plans To Disrupt $2.7 Trillion Life Insurance Industry Using Ethereum Blockchain
In what is believed to be the first pilot program in the world focused on the life insurance industry, MetLife’s Singapore-based incubator LumenLab is collaborating with Singapore Press Holdings (SPH) and NTUC Income (Income) on a platform of smart contracts known as ‘Lifechain’ to help loved ones quickly determine if the deceased was protected with a policy and automatically file a claim.
If successful, this program has the potential to transform the insurance industry as a whole, creating new markets, products, and the ability to serve a more diverse set of customers at lower price points.
In what is believed to be the first pilot program in the world focused on the life insurance industry, MetLife’s Singapore-based incubator LumenLab is collaborating with Singapore Press Holdings (SPH) and NTUC Income (Income) on a platform of smart contracts known as ‘Lifechain’ to help loved ones quickly determine if the deceased was protected with a policy and automatically file a claim.
If successful, this program has the potential to transform the insurance industry as a whole, creating new markets, products, and the ability to serve a more diverse set of customers at lower price points.
