LumenLab, the Singapore-based research center for insurance giant MetLife, is testing a new blockchain-powered platform intended to improve the insurance payout process for women diagnosed with gestational diabetes, according to an official August 20 press release.
The new blockchain powered system, dubbed Vitana, is reportedly the first insurance product in Singapore specifically dedicated to women diagnosed with gestational diabetes.
According to a study conducted by the National University Health System, gestational diabetes affects one out of every five Singaporean women, and can cause premature birth and problems with obesity and diabetes throughout the lives of both the child and the mother.
Vitana was reportedly built in collaboration with reinsurance company Swiss Re, information technology company Cognizant, and electronic medical records provider Vault Dragon, and developed in the Monetary Authority (MAS) of Singapore’s regulatory sandbox.
“Experimentation is crucial to invent and create the future,” said Sopnendu Mohanty, the chief FinTech officer at 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.”
The press release states that Vitana will offer enhanced security of patients’ medical records because the “insurance company doesn’t require access to the underlying medical data to confirm insurability.” Upon diagnosis, the application will connect to the patient’s medical records, and issue an insurance policy triggering an automatic payment and eliminating the need to make a manual claim.
Vitana is available through a downloadable application, and eligible expectant mothers will pay 99 Singapore dollars (SGD) – equivalent to $72.50 USD – to receive 500 SGD if diagnosed with gestational diabetes. They’ll be paid 2,000 SGD to cover related complications during childbirth.
Blockchain technology’s potential to change the insurance claims process has been tested before. In November 2016, ETHNews reported on four companies then using blockchain technology to improve the the issuance of unemployment insurance, pay claims connected to the loss of assets due to hacks, and even provide insurance for travelers. And in May of last year, global financial consulting services and technology services provider Synechron announced the launch of a blockchain accelerator for insurance claims.