Three months ago Ledger Insights wrote in detail about MetLife’s Singapore-based product Vitana. One in five expectant mothers in Singapore experience gestational diabetes. MetLife’s Vitana product automatically triggers a payout as soon as a diagnosis is made. The product is now in the pilot phase.
Using a mobile app, pregnant mothers buy insurance cover for up to SGD 2,500 if they are diagnosed.
The project involved Vault Dragon who integrated electronic health records with the OB-GYN clinics. Cognizant provided the blockchain expertise and Swiss Re provided reinsurance and product input. The pilot is run within the Monetary Authority of Singapore’s sandbox.
“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 Zia Zaman, MetLife’s Chief Innovation Officer in Asia and Chief Executive Officer of LumenLab.
“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.