Metlife Asia: Blockchain Brings Light to a Sandbox
Winner of Celent Model Insurer 2020 Award for Digital and Emerging Technology
Metlife Asia, through LumenLab, shows for the first time that blockchain can be used with great effect and at a fraction of the cost to significantly improve the customer journey by providing a completely frictionless experience, simplifying underwriting and eliminating burdensome claims. This work therefore represents a major step forward for the industry in leveraging an emerging technology not just in a prototype or pilot, but for real customers, generating real value.
MetLife Asia launched Vitana, a program for gestational diabetes coverage for pregnant women in Singapore in July 2018 through LumenLab and in the regulatory sandbox provided by the Monetary Authority of Singapore. The program was designed to run for nine months. The main objective was to create a sandbox project trying to prove whether blockchain technology could help improve customer experience and alleviate one of the most painful experiences for policyholders: insurance claims.
Vitana is the world’s first automated insurance solution using blockchain technology to offer pregnant women completely frictionless financial protection for gestational diabetes; one of the most common health problems for pregnant women, affecting up to 20% of pregnant women in Singapore. That’s one of the highest rates in the world.