LumenLab, a MetLife’s Singapore-based incubator is working with both Singapore Press Holdings (SPH) and NTUC Income Insurance Co-operative Limited (Which is a insurance cooperative in Singapore that provides life, health and general insurance products) to release a blockchain platform of smart contracts known as ‘Lifechain’ to help the life insurance clients to process their claims.
Lifechain will utilize Ethereum to pay out claims to the insurance clients.
Zia Zaman, CIO of MetLife Asia and CEO of LumenLab said regarding utilizing blockchain technologies:
We think there are benefits from a security point of view. If you try technology that has been around for twenty years you’re not going to learn as much as if you try it with a decentralized system like DLT, and that’s advantageous because we are realizing that there is a lower cost of implementation for this system versus the other way.
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