Yesterday, The Institutes RiskStream Collaborative announced a blockchain proof of concept for a decentralized death registry service it calls Mortality Monitor. The initial participants are Nationwide, Prudential Financial, and Securian Financial.
To date, the bulk of RiskStream’s blockchain work with its 40 members has been in property and casualty insurance. But more than two years ago, it set up a dedicated life and annuities group in collaboration with industry body LIMRA and at that point selected this use case.
With the prevalence of the pandemic, the timing seems appropriate. “Timely closure of life insurance and annuity claims has never been more important and remains an ongoing challenge, as verification and validation of death claims requires carriers to have comprehensive decedent information, but no one source has emerged to fill this need,” said Christopher McDaniel, President of the RiskStream Collaborative. “The Mortality Monitor solution makes inefficient manual processes obsolete by sharing decedent information securely, in real-time, and with transparency and traceability.”
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