MetLife, the world's sixth-largest insurance company, using Ethereum to transform life insurance

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MetLife, one of the globe's largest providers of insurance, is using Ethereum to transform the life insurance claims process.

LumenLab, MetLife's Singapore-based incubator, is collaborating with media group Singapore Press Holdings and insurance cooperative NTUC Income to release "Lifechain," a smart contract platform built on Ethereum, reported Forbes contributor Steven Ehrlich.

The life insurance claims process naturally comes with notable friction.

Because of the private nature of life insurance, sometimes families are unaware the deceased was insured.

This triggers query on NTUC Income's databases looking for a matching life insurance policy.

NTUC Income will initiate the life insurance claim process.

"The future of distributed ledger technology in life insurance will somewhat depend on public sector involvement. Those jurisdictions and governments that are more innovative will see citizens and policyholders in their jurisdictions benefit from less friction, more fulfilled payments, and a general overall improved experience," in a comment to Ehrlich.

MetLife is the globe's sixth-largest non-health insurance provider and the mutual company has 90 million customers in over 60 countries.

Ethereum could see a substantial increase in use if the insurance industry begins using the blockchain platform.

Especially when considering that, in the U.S. alone, life and health insurance premiums total $595 billion annually.