Blockchain Health Insurance Solution Developed By Singapore’s MetLifebr>
Singapore-based innovation center LumenLab is piloting a blockchain health insurance product to offer pregnant women financial protection.
LumenLab is MetLife‘s 7,800 square feet facility at The Metropolis, Buona Vista. It houses a working space and business incubator staffed with dedicated innovation experts, many of whom have a background in startups or come from outside the insurance industry. LumenLab enables MetLife to anticipate the needs of Asian consumers, who are expected to account for approximately half of the insurance industry’s growth in the next decade.
The new insurance solution, dubbed Vitana, claims to be Singapore’s first dedicated insurance product for gestational diabetes, a condition affecting up to one in five expectant mothers in the country. It was developed by MetLife, in partnership with SwissRe, Cognizant and Vault Dragon, within the Monetary Authority of Singapore’s (MAS) regulatory sandbox.
The blockchain solution 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. It also offers customers improved data security as it performs parametric underwriting on the customer’s mobile device, which means insurance companies doesn’t require access to the underlying medical data to confirm insurability.
“Vitana embodies MetLife’s commitment to its customers,” said Zia Zaman, MetLife’s Chief Innovation Officer in Asia and Chief Executive Officer of LumenLab. “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 pilot will be conducted with the Singapore Medical Group Women’s Health as well as other select clinics. They will offer the solution to Singapore-based patients in their first 23 weeks of pregnancy.
“Experimentation is crucial to invent and create the future,” said Sopnendu Mohanty, Chief FinTech Officer of MAS. “We are glad that the sandbox has enabled LumenLab to jumpstart an innovative experiment within safe boundaries, to understand if it could effectively address existing pain points of both the insured and insurer, before rolling it out on a broader scale.”