Lumenlab trials blockchain health insurance solution
Lumenlab is trialling a blockchain-based insurance product for diabetes sufferers.
Lumenlab, the Singapore digital innovation subsidiary of US-listed financial services provider MetLife, has developed the solution in partnership with insurer SwissRe, blockchain specialist Cognizant and electronic medical records provider Vault Dragon.
The automated insurance solution is focused on gestational diabetes, a condition that affects as many as one in five pregnant women.
Known as Vitana, the pilot project appears to be a good example of how blockchain can potentially speed up processes at the same time as boosting efficiency and cutting costs in the healthcare sector.
It works by using electronic medical records data to make automatic payouts, thereby removing any requirement to make insurance claims manually.
The blockchain technology enables customers’ encrypted bank account details to be relayed to the insurer via a smart contract.
There are a various blockchain projects currently underway targeting the healthcare sector, drawing on the technology’s core capability of sharing confidential data in a secure way.
For instance, earlier this year, Germany’s Camelot Consulting Group unveiled a blockchain-based solution to manage medical data.