Last week The Institutes RiskBlock Alliance launched their
Canopy 2 blockchain framework. To date, RiskBlock’s planned use cases have focused on Property and Casualty, predominantly personal lines. Yesterday RiskBlock announced the first LIMRA / life insurance use case, Mortality Monitor. The application will use Social Security data, data sources and policyholder records for death notification.
In the past year,
RiskBlock and LIMRA ran several labs to identify life insurance and annuity use cases. The Mortality Monitor is one of five applications.
“More than 20 states require life insurers to cross-reference the Social Security Death Master File with their in-force business to ensure that eligible beneficiaries receive the life insurance death benefit when their loved ones die,” said Christopher G. McDaniel, president of the RiskBlock Alliance.
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