theloop Moves to Apply Blockchain Technology to the Insurance Sector
The project proposed by the Kyobo Life Insurance consortium (Kyobo Life Insurance, Dlemon, and Won Inc.), in which theloop participates as technology provider, is "blockchain-based smart insurance claims and smart scraping" — an effort to apply blockchain technology to simplify the insurance claim process.
Until now, filing a claim meant the policyholder had to gather various supporting documents at the hospital and submit them directly to the insurer. Applying blockchain-based smart contracts and simplified IoT authentication automates the application process, making claim payouts far easier.
The core technology used in the project is loopchain, the solution theloop developed in-house. loopchain is built on SCORE (Smart Contract On Reliable Environment), a highly productive smart contract engine developed by the company itself, and its modular architecture allows it to be optimized for a wide range of environments.
Global insurers in particular are actively discussing blockchain as a core technology leading the "insurtech" trend, linking it with the Internet of Things and the healthcare industry. With that in mind, theloop aims to deliver results on par with the global trend by carrying the project through successfully.
"Following our participation as a technology partner in the financial investment industry blockchain consortium launched last December, being selected for this pilot project demonstrates theloop's proprietary technical capabilities in the insurance industry as well — a first in Korea," said theloop CEO Kyungjun Lee. "Through close cooperation with the participating companies in the consortium, we will lay the groundwork for blockchain technology to be applied reliably not only in the financial sector but in non-financial sectors going forward."
theloop is a blockchain specialist that builds blockchain infrastructure spanning everything from financial transactions to IoT on the basis of its own distributed ledger technology. Starting with its selection as technology partner for the financial investment industry blockchain consortium, the company has been applying its in-house blockchain solutions across a variety of fields.
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