theloop and Kyobo Life Insurance Sign MOU to Build a Blockchain-Based Insurance Platform
theloop and Kyobo Life Insurance already ran a "smart insurance claim" service last year that allowed claims to be filed through a blockchain solution. Until then, filing an indemnity health insurance claim required the policyholder to pay the medical bill and then submit the receipt, a copy of the medical record, and a claim form to the insurer by fax, online, or in person. The procedure was cumbersome enough that many people simply gave up on claims for small amounts. To address that inconvenience, the two companies introduced a service for a group of Kyobo Life policyholders that uses blockchain-based authentication to automatically complete the claim form and transmit a copy of the medical record.
Having already earned market recognition for its integrated blockchain authentication technology, theloop plans to accelerate work with Kyobo Life Insurance on building a next-generation, blockchain-based insurance platform. Under the agreement, the two companies will cooperate on ▲ joint projects through the partnership ▲ mutual support for taking the next-generation blockchain-based insurance platform into ASEAN markets ▲ blockchain technology advisory services and feedback.
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