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26/04/2019 Insurance Innovation

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LumenLab’s Vitana product is the world’s first, automated insurance solution using blockchain technology to offer pregnant women financial protection for gestational diabetes (GDM).

Innovation presentation

LumenLab’s Vitana product is the world’s first, automated insurance solution using blockchain technology to offer pregnant women financial protection for gestational diabetes (GDM). The product was launched as an experiment in the Monetary Authority of Singapore’s (MAS) sandbox. We used blockchain to improve the customer experience by providing a completely frictionless experience, free from heavy underwriting and burdensome claims.

Early in her pregnancy, an expectant mother can sign up to Vitana by simply downloading our app and entering her government-issued ID number. The app automatically connects to the customer’s electronic medical records and populates personal information. All that remains is for the customer to answer three simple underwriting questions and enter payment information. This takes about two minutes – and she is instantly covered.

A smart contract is automatically created, encrypted and deployed to an Ethereum blockchain. This creates a policy document, which is emailed to the customer simultaneously. All parties – clinics, insurers, reinsurers and regulators – now have visibility of new policies in real time. It doesn’t just strengthen communications; it eliminates much of the transaction costs for the parties interacting with one another. The truly transformational moment happens at the “claim” stage. From a customer’s perspective, it’s all invisible and frictionless. When the expectant mother is tested for GDM by her clinic, which updates her EMR with the results. Should the customer test positive for GDM, the EMR automatically writes the result onto the blockchain. The smart contract then executes, and a payout is triggered to the customer’s bank account.

Uniqueness of the project

There’s a lot of hype around blockchain and its potential, but very few implementations that deliver real value to customers. With Vitana, we built a solution that leverages the best features of blockchain without exposing our customers to the complexities of the technology. Our users sign up using our app in 2 minutes, and from the app smart contracts are automatically written to Ethereum. From there on out, our customers are covered, and do not need to worry about making claims.

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