MetLife Subsidiary LumenLab Pilots Blockchain Insurance System for Diabetes

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Singapore-based digital innovation center Lumenlab is testing a blockchain-enabled insurance solution for diabetes sufferers, according to a press release published August 20.

Lumenlab is a subsidiary of financial services provider MetLife and has reportedly developed the new project within the Monetary Authority of Singapore’s (MAS) regulatory sandbox. The pilot, dubbed Vitana, is a parametric, automated insurance product targeting those who develop gestational diabetes – a condition that is said to affect one in five pregnant women in Singapore. It has been co-developed with insurance firm SwissRe, UK tech and blockchain specialists Cognizant, and electronic medical records (EMR) provider Vault Dragon. The blockchain solution has been designed to securely integrate EMR data in order to trigger an automatic payout upon diagnosis, effectively removing the need for manual policy claims. As LedgerInsights outlined following Lumenlabs’ demo of Vitana at Consensus earlier this year, the bulk of electronic health records in Singapore are tied up in manual, centralized data silos.