MetLife is utilizing the live public Ethereum blockchain to add transparency and efficiency to the life insurance claims process. This program has the potential to transform the insurance industry as a whole, creating new markets, products, and servicing a diverse set of customers at lower costs.
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This opaqueness does not serve the claimants or insurers well, and leading global insurer MetLife is utilizing the live public Ethereum blockchain to add transparency and efficiency to the claims process.
This final point could be critical, as for the platform to scale it will be necessary to incorporate other key stakeholders, in particular the government. Zia noted that “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.
This bodes well for the core functionality of the platform, but there is still much that will need to be decided for this use case to scale. For instance, MetLife is able to utilize the public Ethereum chain because its sample size of approximately one thousand users is not large enough to meaningfully impact transaction volume on the blockchain, which averages about 13 per second.
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