The Singapore digital innovation center Lumenlab has begun testing an automated insurance solution that will monitor pregnant women in Singapore. They will automatically receive an insurance payment if they are diagnosed with diabetes.
Lumenlab is a subsidiary of the financial services provider MetLife. The company created a pilot project called Vitana. According to statistics, in Singapore, 20% of expectant mothers suffer from gestational diabetes. Vitana is targeted at pregnant women, who will be diagnosed with this disease.
The blockchain-based project was designed to reliably transmit EMR data to initiate an automatic payment for diagnosing diabetes. Thus, this operation does not need to be performed manually.
The bulk of electronic medical records in Singapore is associated with manual centralized data stores. Singaporean citizens, who have insurance, must first pay for their own treatment and only later demand payment from the insurer. The new system will safely provide EMR data to confirm or deny the diagnosis.
WHY IS IT IMPORTANT?
- Previously, Metlife Inc was the first international insurer to join the R3 consortium. Then, the representatives of the company explained that they intend to use blockchain technology for administration, management of insurance policies of customers and maintenance of the database.
- Blockchain opens new opportunities for insurance companies to grow. The distributed ledger technology can help increase customer interest, create new cost-effective products for emerging markets and develop insurance products related to the Internet of things. Blockchain will help create a reliable platform for the direct work of clients with their personal data and insurance policies.
- The blockchain technology is also becoming more widespread among medical projects, as the technology allows you to store personal data about patients as safely as possible. Also, the distributed ledger technology is used in pharmaceutical supplies to track the supply chain of medicines.