The insurance firm has already used blockchain technology and public ledger for a mobile app called Vitana, supported by Ethereum. It was used to pay out claims to expectant mothers who acquired gestational diabetes. Reportedly, Lifechain will use the core smart contract platform, which is very closely related to what was built for Vitana.
Zia Zaman, CIO of MetLife Asia and CEO of LumenLab, said:
“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.”