LG U+, the telecom arm of the South Korean group LG, has been marketing mobile phone insurance based on blockchain [4] technology since July 17, 2019. A platform will allow to report online the damage caused to the phone and to choose a replacement device on the same day.
The system will facilitate administrative procedures as it will not require customers to provide any documentation while reporting the claim. In return, LG U will incorporate enhanced protection mechanisms against fraudulent claims.
The platform is developed in collaboration with KB Insurance, formerly known as LG Insurance.
The telephone operator is also working with its competitors SK Telecom and KT (former Korea Telecom) for the implementation of a mobile identification platform via the blockchain.