MetLife’s New Blockchain Health Insurance Product Eliminates Claims
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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
“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
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:
“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 Sopnendu Mohanty, Chief FinTech Officer, MAS.
Customers can download Vitana via the
To learn more about Vitana, visit http://www.vitana.sg/ or read the FAQs.
About
About LumenLab
As MetLife’s pioneer for disruptive innovation, LumenLab is charging ahead to create new businesses in health, wealth and retirement. Lumen, a measure of light, symbolizes our commitment to illuminating a new path for solving the problems that the people of
i Gusto, a longitudinal baby study at NUH and the KK Women’s and Children’s Hospital (KKH) (Khalik, S. 2016).
View source version on businesswire.com: https://www.businesswire.com/news/home/20180820005644/en/
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