MetLife, US insurance company has come up with a new project of automated insurance solution for pregnant women. This makes the life of the women simple for them as it guarantees an automatic payment for those who are detected with gestational diabetes i.e. it allows in claiming insurance for enrollees.
At present in Singapore the experimental product is being tested. 20 percent of the pregnant women of the country suffer from this disease. The product was developed by LumenLab, MetLife Asia’s innovation centre.
It is to be noted that Vitana is the first insurance product for gestational diabetes. The company declared that this is the first automatic insurance solution to use blockchain technology.
Zia Zaman Lumen Lab CEO and chief innovation officer of MetLife Asia commented,
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.
Functioning of Vitana
Vitana is digitally secured and is connected to a smartphone. It excludes the process in claiming insurance since the medical records of that particular patient is already there in the phone. It takes few minutes to get the insurance policy.
During the experimental stage the maximum insurance coverage is SGD 2,500 ($ US 1,830 approx). According to Monetary authority of Singapore the project was designed.
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