Mobile carrier LG U+ (the telecoms arm of the LG Group) says it will begin offering blockchain technology-powered mobile phone insurance as of July 17.
The carrier says that its product will allow customers to receive same-day compensation for damage done to handsets, and will not require users to submit any documentation when making claims. LG U+ says that the platform will also allow customers to select replacement mobile phones following accidents, and receive handsets on the same day.
Currently, most South Korean insurance claims platforms require customers to submit paper documents, repair reports and service receipts. The new platform means users will no longer need to fax documents to insurance providers, says LG U+, submit photographs via apps or upload such evidence to websites.
The app makes use of the Monacoin blockchain platform developed by the LG Group’s IT services arm, LG CNS.
Per Chosun Biz, the insurance platform is the nation’s first to make use of blockchain technology, and has been developed in conjunction with KB Bank’s insurance subsidiary, KB Insurance.
As previously reported, LG and KB are collaborating on a number of blockchain projects, with some reports claiming the companies may be at work on a cryptocurrency-related project that could eventually produce an LG coin.
LG U+ states that the new blockchain insurance product will also help reduce fraudulent claims and eliminate forgeries.
And LG U+ recently signed a collaboration deal with its two major carrier competitors, KT and SK. The deal will see the companies co-build a blockchain-powered mobile identification platform in conjunction with Samsung and major South Korean banks.
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