How MetLife plans to make life easier for pregnant women with blockchain tech
US insurance giant MetLife has launched a pilot project of automated insurance solution for pregnant women.
The project makes life easier for them as it ensures an automatic payout if they are diagnosed with gestational diabetes, meaning it negates the need to claim insurance for enrollees.
@MetLife ,#LumenLabSG & its partners @SwissRe , @Cognizant , #VaultDragon, #SMGWomenHealth launched an experimental insurance product #VitanaSG using #blockchain to eliminate claims https://t.co/WLEODoEH05 #innovation #collaboration #Singapore pic.twitter.com/v8qoHIPpuJ
— LumenLab (@lumenlabsg) August 20, 2018
The experimental product called ‘Vitana’ is being tested in Singapore currently. It may be noted that 20 percent of the expectant mothers suffer from the condition in the country.
The company claims it’s the first automated insurance solution to use blockchain tech. Further, Vitana is the first insurance product for gestational diabetes.
“In today’s world, people expect experiences to be simple, automated, and digital,” Zia Zaman, LumenLab CEO and chief innovation officer of MetLife Asia, said in a statement.
“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,” he added.
How Vitana works
Vitana eliminates the process of claiming insurance as the medical records of patients that are digital are securely connected to a smartphone and the insurance policy is issued within minutes.
The upper limit of insurance coverage is SGD 2,500 ($US 1,830 approx) during the pilot phase. The project was designed in compliance with the Monetary Authority of Singapore.
Image via Shutterstock
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