MetLife recognized in Forbes’ Inaugural Blockchain 50 list

Blockchain

MetLife has been named in Forbes’ inaugural Blockchain 50 List, the first-ever ranking of the top 50 organizations that are leading the pack in regard to adapting decentralized ledgers to their business.

MetLife was recognized for its Vitana experiment, which was launched in Singapore last August by LumenLab, MetLife’s Asia innovation center. Vitana is the world’s first, automated insurance solution using blockchain technology to offer pregnant women financial protection in case of gestational diabetes– a condition affecting up to one in five expectant mothers in Singapore.

Vitana securely connects to customers’ electronic medical records via their mobile device to issue a policy within minutes. If the customer’s doctor records a positive diagnosis in her medical records, Vitana will trigger an automatic payout, without the customer needing to make a claim.

“We saw an opportunity to test how blockchain can make insurance more seamless for customers and we’re delighted to receive this recognition from Forbes and to be considered a global leader in blockchain,” said Zia Zaman, MetLife’s Chief Innovation Officer in Asia and Chief Executive Officer of LumenLab.

Vitana was developed within the Monetary Authority of Singapore’s (MAS) regulatory sandbox, together with partners: SwissRe, which helped drive product design and reinsure the risk; Cognizant, which provided the underlying technology and blockchain expertise; and Vault Dragon, an electronic medical records provider which supported on-the-ground implementation with forward-thinking doctors and clinics.