LumenLab, the Singapore-based innovation centre of MetLife Asia, has launched a pilot of an automated blockchain health insurance solution.
The new blockchain health insurance solution, dubbed Vitana, aims to offer expectant mothers in Singapore financial protection. This is especially in the event of gestational diabetes.
Vitana triggers automatic payout once the diagnosis is made. It facilitates policy issue within minutes by connecting to electronic medical records of customers through their mobile.
LumenLab will trial Vitana for six months, working alongside the Singapore Medical Group Women’s Health and other select clinics. The product will be trialled with Singapore-based patients in their first 23 weeks of pregnancy.
Expectant mothers can secure insurance cover worth up to S$2,500 (1,828.25) upon diagnosis of gestational diabetes.
At the same time, Vitana also addresses data security concerns by conducting parametric underwriting on customers’ mobile devices.
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LumenLab CEO and MetLife chief innovation officer in Asia Zia Zaman said: “Vitana embodies MetLife’s commitment to its customers. In today’s world, people expect experiences to be simple, automated, and digital.
“We saw an opportunity to test how blockchain can make insurance more seamless and we’ve partnered with some of the best companies in their fields to create a blueprint to launch new parametric insurance products in the future.”
In addition, the solution has been developed in association with SwissRe who offered reinsurance input and Cognizant who offered blockchain expertise. Vault Dragon were also involved and facilitated on-the-ground implementation with doctors and clinics.
The product was developed within the regulatory sandbox of the Monetary Authority of Singapore (MAS).