The new blockchain platform aims to make it easier for women with gestational diabetes to obtain insurance payments. According to an official statement issued on August 20, the Singapore-based insurance giant MetLife Research Center is testing a new blockchain platform aimed at improving the insurance payment process for women diagnosed with gestational diabetes.
According to reports, the new blockchain system called "Vitana" is Singapore's first insurance product specifically for women diagnosed with gestational diabetes.
According to a study by the National University Health System, gestational diabetes affects one in every five Singaporean women and can cause premature birth, obesity and diabetes in the life of the child and mother.
According to reports, Vitana was established in collaboration with reinsurance company Swiss Re, information technology company Cognizant, and electronic medical records provider Vault Dragon, and was developed in Singapore's Monetary Authority (MAS), which regulates the sandbox.
Sopnendu Mohanty, head of FinTech at MAS, said: "Experiments are essential to invent and create the future." "We are very pleased that the sandbox enables LumenLab to launch an innovative experiment within a safe range to understand whether it can effectively solve the existing pain points between policyholders and insurance companies, and then promote it on a larger scale."
The press release stated that Vitana will provide greater security for patients’ medical records because “insurers do not require relevant medical data to confirm insurability.†Once diagnosed, the application will be connected to the patient’s medical records and insurance will be issued. Orders, trigger automatic payments, and eliminate the need for manual claims.
Vitana is available through a downloadable app, and eligible expectant mothers will pay 99 Singapore dollars (SGD)-equivalent to 72.50 US dollars-if they are diagnosed with gestational diabetes, they will receive 500 SGD. They will receive a 2000 allowance to cover related complications during childbirth.
The potential of blockchain technology to change insurance claims procedures has been tested before. In November 2016, ETHNews reported that four companies used blockchain technology to improve the issuance of unemployment insurance, pay for asset loss claims caused by hacker attacks, and even provide insurance for travelers. In May last year, Synechron, a global financial advisory service and technical service provider, announced the launch of a blockchain accelerator for insurance claims.
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