Insurance provider MetLife, Inc. announced the development of first health insurance product using blockchain technology to trigger an automatic payout.
MetLife Asia's Singapore-based innovation center, LumenLab, has begun testing automated insurance solution, known as "Vitana", using blockchain to offer pregnant women financial protection in case of gestational diabetes, without ever needing to make a claim.
Vitana 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.
Customers can download Vitana via the App Store to receive up to S$2,500 coverage for medical expenses associated with gestational diabetes. The experiment will run over a six-month period and LumenLab is working with the Singapore Medical Group Women's Health as well as other select clinics to offer the solution to Singapore-based patients in their first 23 weeks of pregnancy
The experimental product was built with partners: SwissRe, which helped drive product design and reinsure the risk; Cognizant, which provided the underlying technology and blockchain expertise; and Vault Dragon, an electronic medical records provider which supported on-the-ground implementation with forward-thinking doctors and clinics.
Vitana was developed within the Monetary Authority of Singapore's or MAS regulatory sandbox.
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