LumenLab, a Singapore-based innovation centre of MetLife Asia, has launched a pilot of an automated blockchain health insurance solution.
The innovative new blockchain health insurance solution, known as Vitana, aims to offer expectant mothers in Singapore financial protection.
The new system triggers an automatic payout when a diagnosis is confirmed. Policy issues are all but instantaneous by connecting to electronic medical records of customers via their mobile.
LumenLab will trial Vitana for six months, working alongside select clinics.
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.”
The blockchain-based platform has been also been developed in association with SwissRe, who offered reinsurance input. Cognizant assisted with blockchain expertise.
The product was developed in collaboration with the Monetary Authority of Singapore (MAS).