Singapore-based LumenLab, a subsidiary of financial services provider MetLife, has launched a pilot of an innovative blockchain health insurance solution, called Vitana.
LumenLab’s Vitana triggers an automatic payout when a diagnosis is confirmed. Policy issues are all but instantaneous by connecting to electronic medical records of customers via their mobile. The trial phase is expected to last up to 6 months on the basis of alongside select clinics.
“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,” Zia Zaman, LumenLab CEO and MetLife chief innovation officer in Asia, said.
Vitana has been developed in partnership with the SwissRe insurance company, Cognizant’s blockchain tech experts, and Vault Dragon electronic medical records (EMR) vendor, as well as the Monetary Authority of Singapore (MAS).
The very low productivity and an unnecessary bureaucracy remain the most common problems in the medical industry all over the world. Startups created for solving these tasks will definitely be in the trend for the next few years.