theloop-Kyobo Life Insurance MOU

Greetings from ICON Team,

June 22nd, 2018 — theloop and Kyobo Life signed an MOU to build a next-generation blockchain insurance platform. Last year, Kyobo Life and theloop collaborated on blockchain-based “Smart Insurance Claims”, and this MOU signifies the continued efforts to build out this platform.

In April 2017 theloop launched Smart Insurance Claims service using theloop’s blockchain engine, loopchain, with Kyobo Life. The Smart Insurance Claims Service received a positive response from Kyobo Life clients as it mitigated the hassle of submitting a receipt for medical expenses, obtaining a copy of medical records, and submitting an insurance claim to the insurer via fax, internet, office visit, etc.

theloop has been recognized for bringing a practical use-case for blockchain technology in the insurance industry through the Smart Insurance Claims service. theloop will accelerate its efforts to build a next-generation insurance platform with Kyobo Life. This MOU will lead to collaboration on more projects to increase efficiences in the insurance industry, a mutual effort to expand this technology to ASEAN, and blockchain advisory and support initiatives.

We hope that the collaboration with Kyobo Life will not only expand loopchain’s ecosystem, but also help enterprises around the world realize the potential of blockchain technology.

Thank you,

Hyperconnect the world

Introduction of Kyobo Life

Founded in 1958, Kyobo Life has grown along with all stakeholders including customers, financial planners, employees, investors, local communities and governments for 60 years and has been on the path of life insurance. For the fifth consecutive year from 2000 to 2004, the company was awarded the Grand Prize in Customer Satisfaction Management and was first appointed as the ‘Hall of Fame’ for the first time as a financial company. For the first time as a domestic life insurer, Kyobo Life received the ‘Life Insurance Company of the Year’ of the year at the 2009 Asia Insurance Industry Awards. In 2012, Personality of the Year “for the year. In terms of external credibility, Moody’s, a global credit rating agency, has been maintaining a positive reputation for its A2 (stable) rating, which is the highest in Korea.