LIMRA and RiskBlock Alliance have jointly announced an insurance consortia for the annuity and life sectors. The companies say that the application, called Mortality Monitor, will use the data generated from social security data. Apart from social security data, Mortality Monitor will also leverage policy holders’ records and other data sources. With those, it will notify members on the deaths of annuity and life insurance policy holders. Indeed, the aim is to reduce fraud, improve claim processing, and increase customer satisfaction. Blockchain technology will help to accomplish these goals.
RiskBlock Alliance and LIMRA have also established a life and annuity industry. The partnership will lead to the establishment of a consortium. All participating annuity and life insurance companies will become the industry’s blockchain consortium, starting from enterprise-level. They will be joining 31 existing members to work together to develop blockchain-based solutions. Certainly, these blockchain-based solutions will in turn improve customer experience and enhance business efficiency.
For the past 12 months, LIMRA members have organized many working labs with RiskBlock Alliance. The reason is just so they identify the best possible opportunities of using blockchain technology in the life insurance and annuity industry. Aside from the Mortality Monitor, the members have also identified four other applications of the technology in the life insurance and annuity sector.
On the other hand, RiskBlock Alliance’s mission will develop blockchain-powered solutions for many different benefits. The benefits include lowering transaction cost, increasing the security and speed of data transfer, and enhancing customer experience. RiskBlock Alliance encourages those who wish to learn more about its activities and see how they can do their bit to visit TheInstitute.org/RiskBlock.
Many experts suggest that the blockchain is the solution to all the challenges affecting the industry. However, it is essential that LIMRA finds the real-world use cases where it can solve problems. Indeed, the Blockchain Advisory Council at LIMRA felt that the tech will be effective in creating an improved platform. Indeed, he noted that the platform will comply with the regulations of the Death Master File.
On nonprofits, CEO Kerzner stated that both teams from LIMRA and RiskBlock Alliance will ensure that they prioritize their (nonprofits’) needs. Finally, he pointed out that the team looks forward to developing more blockchain-powered applications.
A glance through its background shows that RiskBlock Alliance is the risk management and insurance industry’s foremost blockchain-based consortium. The enterprise-level consortium brings developers and industry experts together.
Similarly, LIMRA is a world-wide professional, consulting and development organization. LIMRA serves as the trusted source of knowledge to more than 600 financial services and insurance companies scattered across 64 countries in the world.
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