theloop-Kyobo Life Insurance MOU

theloop and Kyobo Life signed an MOU to build a next-generation blockchain insurance platform. Last year, Kyobo Life and theloop collaborated on blockchain-based “Smart Insurance Claims”, and this MOU signifies the continued efforts to build out this platform.

In April 2017 theloop launched Smart Insurance Claims service using theloop’s blockchain engine, loopchain, with Kyobo Life. The Smart Insurance Claims Service received a positive response from Kyobo Life clients as it mitigated the hassle of submitting a receipt for medical expenses, obtaining a copy of medical records, and submitting an insurance claim to the insurer via fax, internet, office visit, etc.