Award Applications

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The Company is dedicated to push the envelope to test the feasibility of operating a Distributed Ledger Technology (DLT) backed Health Insurance business model. To commit to this pilot, The Company has invested in and developed a straight through processing system prototype that employs decentralized underwriting to grant a policy within a minute of a customer beginning a policy application.

The prototype that was developed is available for download. The next Phase involves testing the prototype in a live environment, under the MAS Sandbox. The Company has received approval from MAS to test the prototype in the MAS regulatory sandbox. The Company has also formed trusted partnerships with Reinsurer, Electronic Health Records (EHR) partner and Tech Partner to ensure a seamless implementation under the sandbox. MAS (Regulator) could possibly be a fourth node if they choose to do so.

The application of DLT technology is unique to InsureChain. The application of smart contracts on DLT post policy issuance enables an automated claims triggering system, such that consumer does not need to make any claim. The current proposed design enables automated underwriting and auto claims trigger, and it will be the first of its kind in the world.

We are proposing a brand new end to end technology solution to tackle both two problems in the insurance industry –
1. Problem 1 – underwriting : It takes a staggering amount of time to get a Term-Life Insurance Policy in Singapore
2. Problem 2 – claims: Making claims in the insurance industry is an arduous process

The solution has two pieces –

1. A customer facing mobile app that conducts the underwriting on the mobile phone by directly connecting with the Electronic Health Records – a first of a kind mobile app in the Life & Health Insurance industry. The hypothesis of using such a mobile app is as follows: (1) Exponential gain in customer experience. Lemonade has already proven this. It remains to be done in Life & Health (2) Efficiency gains at insurer’s end by simplifying compliance requirement (3) Time savings by customers, which in turn adds to the productivity of the country when deployed at scale. Furthermore, by conducting the underwriting on the mobile app, the customer privacy relating to the health data is addressed. This also leads to significant simplification of compliance requirements on the insurer’s end, since no data is being stored at customer end.

2. Post policy issuance, the mobile app deploys the policy as a smart contract on a Distributed Ledger shared between the insurer, re-insurer, health record provider and the regulator. The hypothesis of the benefits of using a distributed ledger is as follows: (1) Efficiency gains from re-conciliation: (i) Cost savings in terms of tech costs (ii) Time savings in terms of man hours. (2) Cost savings of having a simplified new back-end stack created from scratch, which can be deployed for any kind of parametric Life & health insurance (3) Operational efficiency increases with increasing participants onto the platform. All the data in the distributed ledger is tagged to the hash of the digital identity, thereby pseudonomising all privacy concerns.

Future prospects –
If the experiment is successful the following two possible future scenarios of business models would be explored:

1. Deploying an insurance operation solely based on the platform created. The future operations of this business model would be engaging multiple re-insurers and health data providers to take full advantage of the DLT’s advantages.
2. Providing the platform as tech solution to insurers in Singapore. The future operations of this business model would allow multiple insurers, health data providers and re-insurers to leverage the DLT’s advantages.