Zia Zaman of MetLife’s Singapore based LumenLab has penned a
whitepaper documenting the experience of implementing Metlife’s blockchain parametric insurance solution,
Vitana, which we explored in depth more than a year ago.
Vitana was built to explore blockchain for insurance, with plans to use the technology for other insurance products. For this, Metlife focused on a niche market, gestational diabetes mellitus (GDM), which occurs in pregnant women and disappears after delivery. However, the condition is harmful to the baby and may lead to complications during birth.
Unlike many insurance applications where blockchain is used only for internal processes, Vitana is a consumer-centric insurance solution. The most significant pain point in the insurance sector is claims and the various back-end processes to issue a payout. By authorizing the app to link to their medical records, a smart contract on a private Ethereum-based blockchain can trigger a payment to the customer without the need to make a claim.
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