MetLife’s LumenLab to Test Blockchain Health Insurance for Diabetes During Pregnancy
LumenLab, an innovation center based out of Singapore, is making impressive strides in blockchain by adapting it to insurance claims, particularly helping diabetic patients. A press release was put out by MetLife on August 20th to discuss this new change, and how their subsidiary is working to launch the new program.
The insurance product, which is presently known as “Vitana,” is specifically geared towards woman that suffer from gestational diabetes. While the statistics vary throughout the world, it impacts 20% of expectant mothers in Singapore alone.
According to the press release in Business Wire, MetLife’s product “securely connects to customers’ electronic medical records via their mobile device to issue a policy within minutes. It triggers an automatic payout upon diagnosis, without the need to make a claim.” Along with the work from LumenLab, this project is a collaborative effort that includes the help of SwissRe, Cognizant, and Vault Dragon.
Zia Zaman, who is the Chief Financial Officer for MetLife in Asia and the CEO of LumenLab, 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.”
LumenLab offered a demonstration of the new Vitana feature at Consensus 2018 three months ago. Consensus is a blockchain technology summit that CoinDesk has developed and hosted for the last four years. With over 4,000 attendees, the publicity that Vitana earned is definitely part of the surge into the future.
With the new system, Vault Dragon’s role is to offer EMR data that will help solidify the diagnosis of the patient. If the illness is confirmed, the patient’s bank details will be encrypted and sent to the insurance provider via smart contract, which will be automatically paid. There is not any other information that is necessary to be stored with MetLife beyond that confirmation.
The blockchain industry is growing, and for a good reason. This ledger has no one person or entity controlling it, which means that it always provides transparent and detailed information for those allowed to access it. This type of concept is helpful in almost any industry, from the grocery stores that need to know where their produce comes from, to the medical industry that needs to provide consistent and helpful treatment to patients. Having a role in the global healthcare industry, even for just one area, could help to promote the ongoing sharing of patient information, and will streamline insurance payments.
Presently, Vitana is already active and available for download rom the App Store. Participants are eligible for up to SGD 2,500 coverage (which is $1,828.29 USD), which is directly applied to expenses related to gestational diabetes. That is about the same amount of the maximum coverage offered for participants of low-income insurance coverage with CHAS Orange. Considering the average costs of testing and treatment, this payout will make a substantial difference for the patient during their pregnancy.
To learn more about Vitana, either visit the official website at http://www.vitana.sg/, or go to the App Store to download it.