MetLife is a 150-year-old insurance company. That is why, if it is planning to use the blockchain technology, it is actually very good news for the credibility of the blockchain technology. MetLife has recently stated that for its entire insurance payments, it will be accepting payments on the blockchain. This will mean that the payments can be concluded quite quickly as well.
The insurance product for which it will be accepting the blockchain payments is known by the name of Vitana. This will ensure that the customers are able to directly pay with the help of blockchain technology. This project is on a pilot basis currently. It will be unveiled only in Singapore. It will focus on gestational diabetes. Approximately 20% of the pregnant women suffer from gestational diabetes. That is why it is targeting a significant market as well.
Besides the help of blockchain-based payments, the payments will be concluded at a much faster pace. This will ensure that with the help of a mobile application, most of the patients will be able to pay their insurance premiums. The transactions online will be completely secure as they will be based on the blockchain technology. There will be no fear of the application getting hacked. Moreover, the insurance coverage which is offered is around 2500 Singapore dollars. Also, the monetary authority of Singapore was robbed in while developing the application. This means that it abides by all the rules and regulations. As a result, most of the customers will be able to easily access it as well.
On the other hand, when it comes to the convenience of the customers, due to the blockchain-based payments, they will be able to complete the transaction is quite quickly. Additionally, MetLife is the first insurance company which is adopting such a solution. If indeed, it is able to gain traction, most of the other insurance companies will also provide such payment solutions to their customers. This will ensure that blockchain is utilized on an increasing basis by the insurance industry. As a result, it will become easier for the people who are buying the insurance to pay for it using the blockchain.
Due to the increasing applications of the blockchain technology, more and more companies are actually looking to use it on a day-to-day basis. The more applications which are built using the blockchain technology, the greater will be the credibility. The greater the credibility, the more the companies looking to use the blockchain technology. That is why the popularity of the blockchain technology will go on increasing as long as more and more applications are developed on the blockchain technology.