LumenLab, the Singapore-based research center for an insurance company, MetLife, is testing a new Global Blockchain Platform, planned to recover the insurance payout process for women detected with gestational diabetes.
The new blockchain powered system is reportedly the first protection product in Singapore precisely dedicated to women diagnosed with gestational diabetes. According to a study conducted by the National University Health System, gestational diabetes affects one out of every five Singaporean women and can cause early birth and difficulties with fatness and diabetes through the lives of both the mother as well as the child.
According to Sopnendu Mohanty, the chief FinTech officer at MAS, the experimentation is vital to create and discover the future. The company is glad that the sandbox has allowed LumenLab to start an original experiment inside safe boundaries, to recognize if it could successfully address current pain points of both the insurer and insured before rolling it out on larger scale.
The press release states that through this global blockchain a new system will offer the enhanced security of patients’ medical records. Upon analysis, the submission will connect to the patient’s medical records, and issue an insurance policy activating an automatic payment and eliminating the need to make a physical claim.
It is available over a downloadable application, and qualified expectant mothers will pay 98 Singapore dollars (SGD) to receive 500 SGD if diagnosed with gestational diabetes. They’ll be paid 2,000 SGD to cover related complications during childbirth.
Blockchain technology’s potential to change the insurance claims process that has been tested before. It was reported in ETH news that more than three companies are using global blockchain technology to recover the issuance of joblessness insurance, pay claims linked to the loss of assets due to hacks, and even provide insurance for travelers. In 2017 it was announced that global financial consulting service and technology services provider, Synechron, had launched a blockchain accelerator for insurance claims.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]