LumenLab, an affiliate to insurance giant MetLife's Asia bureau, has successfully trialed a blockchain-powered insurance product to offer financial protection to pregnant women with a risk of gestational diabetes.
According to a news release published Monday, the product, dubbed "Vitana," will connect its customers' electronic medical records to their mobile devices to issue a policy in just a few minutes using a blockchain platform. The system will also make automatic payouts should a customer receive a diagnosis, without requiring customers to file a claim for benefits.
Vitana will be dedicated to women with gestational diabetes, a condition that affects up to one in five expectant mothers in Singapore, where LumenLab is based.
Zia Zaman, MetLife's chief innovation officer in Asia and CEO of LumenLab, said in the release:
In addition, Vitana will also provide improved data security as it performs "parametric underwriting," meaning that the insurance company will not need to access to the underlying medical data to confirm patients' insurability.
Notably, the product was developed in a regulatory sandbox under the Monetary Authority of Singapore (MAS) and was highlighted in MAS' annual report as one of the "key innovations" in the initiative.
Vitana is currently under a six-month-long experiment and will be open to Singapore-based patients.
MetLife headquarters in New York City image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.