Tuesday, September 19, 2017

Kyobo Life joins Korea’s insurance blockchain project

South Korean insurer Kyobo Life said it has been selected as an operator of the government’s pilot blockchain project.

The project is conducted by the National Information Agency under the management of the Ministry of Science, ICT, and Future Planning.

It seeks to lay a foundation for the promotion of the internet of things (IoT).

Kyobo Life will work in consortium with insurtech specialist D Lemon, blockchain technology firm theloop and hospital medical record service company One.

The consortium will develop and implement services that will enable an automatic payment of small amounts of insurance money to policyholders by using blockchain and simple IoT authentication technology.

Kim Wook, senior managing director of digital innovation at Kyobo Life, said this is the first case where the insurance industry is fully connected with fintech and introduces a new service.

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