MetLife’s Innovation Center Tests Automated Blockchain Insurance, Ends Claims
Metlife Eradicates Claims Through Innovative Blockchain Medical Cover Product
MetLife Asia’s innovation center called LumenLab has started testing a pioneer automated insurance solution in the world, by making use of blockchain technology. The assurance solution provides expectant mothers with fiscal protection in case of gestational diabetes without ever having the need to make claims.
The pilot program, also christened ‘Vitana’ is one of the first dedicated insurance products in Singapore which has been dedicated to the treatment of gestational diabetes, a condition which has affected approximately 20% of expectant women in Singapore.
The program has been designed in such a way that it connects to the electronic health records of clients through their cell phones, which eventually produces a policy in just a couple of minutes. Eventually, an automatic payout is triggered upon diagnosis, thereby eliminating the need for making any claims.
Provision Of Seamless, Computerized and Digital Experiences
In many ways, Vitana exemplifies the company’s promise to its clients. In this day and age, individuals anticipate seamless, computerized and digital experiences. In this regard, MetLife saw the prospects of testing the viability of blockchain in making insurance more smooth.
In this regard, MetLife has collaborated with key firms in their respective niches to come up with a blueprint for the sake of launching new parametric assurance products in the near future. This is in accordance with the statements of Zia Zaman, the Chief Innovation Officer of MetLife.
Apart from just improving experience, Vitana also provides customers with enhanced data security even as it carries out its core duty which is to underwrite on clients’ mobile device. This basically implies that the insurance firm does not have to gain access into the underlying health data to confirm if a client is insurable.
It should be noted that Vitana has been established by partners like SwissRe, which was instrumental in assisting to drive the product design as well as the reinsurance of the risk. Another key partner which helped in building Vitana is Cognizant. Cognizant, as a company, has been very responsible for offering the fundamental technical know-how as well as blockchain expertise.
On the other hand, Vault Dragon, another key Vitana partner, is an electronic health records provider which has provided the foundation upon which forward-thinking medics can establish clinics. Vitana was properly developed within the sound regulations of the Singapore’s regulatory body, also known as the Monetary Authority of Singapore (MAS).
According to the Chief Fin Tech Officer of MAS, Sopnendu Mohanty, conducting tests is the fulcrum of future inventions. MAS is also thrilled by the fact that LumenLab, through the use of sandbox, has been in a position of jumpstarting an innovative experiment within the proper limitations. This ensures that the new inventions could easily address the current pain points of both the insurer as well as the insured, prior to rolling out the program to the public at large.
In line with the provision of the service, clients are in a position of downloading Vitana through the App Store, which permits them to have access to SGD 2,500 coverage for health expenses which are related to gestational diabetes.
The pilot program is expected to run for at least six months, with LumenLab having the mandate to work with the Singapore Medical Group’s Women Health, together with other clinics to provide health solutions patients who are based in Singapore in their initial twenty-three weeks of prenatal period.
This is one of the leading fiscal services firms, especially in the field of insurance where it not only provides insurance, but it also offers annuities, asset management, as well as employee benefits to individual and institutional clients in order to navigate their changing globe.