MetLife Subsidiary LumenLab Pilots Blockchain Insurance System for Diabetes
According to a press release published on 20th August, Lumenlab, a Singapore based digital innovation centre is testing a blockchain-enabled insurance solution for diabetes sufferers.
According to the reports, Gestational diabetes is found to be affecting one out of five pregnant women in Singapore. So, Lumenlab had dubbed a pilot, Vitana which is a parametric and automated insurance product for those who have developed Gestational diabetes. This project is also being developed by United Kingdom technology and blockchain specialists Cognizant, insurance firm SwissRe and the electronic medical records (EMR) provider Vault Dragon.
"Gestational diabetes is found to be affecting one out of five pregnant women in Singapore."
The purpose of blockchain integration is that it will securely manage the EMR and trigger an automatic payment upon diagnosis. This will prevent paper work and manual policy claims.
Recently Ledgerinsights, an enterprise blockchain news blog, pointed out Lumenlabs' demo of Vitana. In Singapore, the patient's electronic health records are stored in centralized silos. The patients are first required to pay for their treatment even if they have the insurance coverage, and it's only later that they can make their insurance claim.
With this new system, Vault Dragon will automatically provide electronic media records to check whether the diagnosis is positive or negative. If the diagnosis is confirmed, then Vault Dragon, through a smart contract, will send customer's encrypted bank account details to the insurer and thereby automatically initiate the payment process. Thus, only the requisite patient data is processed and no additional data is collected or stored on Metlife server.
Vault Dragon will automatically provide electronic media records to check whether the diagnosis is positive or negative.
Recently, Blockchain technology is gaining more attention in the healthcare industry because of its security and transparency features.
Other countries are also working to develop more blockchain powered solutions. Camelot Consulting Group of Germany has launched its own blockchain solutions for management of medical data. Camelot developed this solution to overcome the risks faced by patients because of the risks of errors and abuse associated with medical health data transfer by analog methods.