South Korea’s SK Telecom and LG U+ are launching a blockchain-based mobile phone insurance claims service to process pay-outs without submitting paper documents, a Yonhap News report said.
The solution called ‘Initial Mobile Phone Insurance Compensation Service’ can process insurance claims by retrieving documents directly from the service center. Currently, customers need to pay upfront for repairs of an insured mobile phone and then submit the repair statement and receipts to the insurance company.
Yonhap first reported SK Telecom’s initiative, which was shortly followed by LG’s announcement to adopt blockchain for mobile insurance.
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