Annuities and life insurance service provider, SE2, has partnered with Digital Asset to use blockchain in the life insurance and annuities sector. SE2 has $100 billion in assets under administration and is the number one administrator of variable annuities in the United States. The company is owned by Eldridge, one of Digital Asset’s investors.
The entire insurance sector represents a classic use case for distributed ledger technology (DLT) where several parties touch a single policy, such as the client, the agent, the insurer, and the reinsurer. As a result inconsistencies in data between organizations is common. Many organizations still email policies and spreadsheets back and forth between parties which is enormously inefficient. That’s especially the case between carriers and reinsurers.
Hence there’s the holy grail concept of a golden insurance policy or annuity record with which all parties interact. SE2 plans to use blockchain for that single source of truth and risk transfer to reinsurers. Digital Asset’s DAML smart contract language is designed to streamline workflows.
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