MetLife Asia's Singapore-based innovation centre, LumenLab, has begun testing the world's first automated insurance solution using blockchain technology to offer pregnant women financial protection in case of gestational diabetes, without ever needing to make a claim.
The experimental product, known as “Vitana,” is Singapore’s first dedicated insurance product for gestational diabetes – a condition affecting up to one in five expectant mothers in Singapore. 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.
“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,” said Mr Zia Zaman, MetLife’s Chief Innovation Officer in Asia and CEO of LumenLab.
In addition to an enhanced experience, Vitana offers customers improved data security as it performs parametric underwriting on the customer’s mobile device, meaning the insurance company doesn’t require access to the underlying medical data to confirm insurability.
Vitana 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 (MAS) regulatory sandbox, and was highlighted in MAS’ annual report as one of the key innovations to come out of the sandbox initiative.
“Experimentation is crucial to invent and create the future. 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,” said Mr Sopnendu Mohanty, Chief FinTech Officer, MAS.
Customers can download Vitana via the App Store to receive up to S$2,500 ($1,827) 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.
MetLife, through its subsidiaries and affiliates, is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the US, Japan, Latin America, Asia, Europe and the Middle East.
As MetLife’s pioneer for disruptive innovation, LumenLab is charging ahead to create new businesses in health, wealth and retirement, illuminating a new path for solving the problems that the people of Asia face today.