Metlife Pilots The Blockchain Medical Insurance Solution
LumenLab, the Singapore innovation center MetLife, Inc., the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and which is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries, launched the piloting of an automated health insurance solution based on blockchain.
A new decision on health insurance based on blockchain, called Vitana, LumenLab’s experiment, aiming to be Singapore’s first gestational diabetes (causes high blood sugar that can affect the pregnancy and the baby’s health) protection for expecting mothers.
Vitana aims to offer customers simpler and cheaper products covering new risks while ensuring data privacy and achieving operational efficiency by testing the feasibility of applying smart contract and Distributed Ledger Technology (DLT) to automate underwriting and claims payout respectively
After the diagnosis Vitana launches an automatic payment. This facilitates the political issue in a few minutes by connecting to electronic medical records of customers via mobile phones.
LumenLab will test Vitana for six months, working with the Singapore Medical Group Women’s Health and other clinics. The product will be tested by patients from Singapore in the first 23 weeks of pregnancy.
Future mothers will be able to provide coverage up to $ 2,500 (1,828.25) for the diagnosis of gestational diabetes.
At the same time, Vitana also solves data security problems by conducting parametric underwriting (deployment) on the mobile devices of customers.