May 1: MetLife, a multinational insurance company, said it has been named in the 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.
According to the company, 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, reads a statement issued by the company.
The company said that 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.