LIMRA is working with the RiskBlock Alliance to develop services based on blockchain technology for life insurance and annuity issuers.
Partners will start using a blockchain-based system to allow annuities and annuities companies to know when their customers have died. The system will use data from the Social Security Administration and other sources.
LIMRA is a life insurance and financial services consortium based in Windsor, Connecticut.
(Related: LIMRA aims to model the benefits of the data exchange standard)
RiskBlock is an arm of the Institutes of Malvern, Pennsylvania, a group real estate accident insurer.
LIMRA states that its members have worked with RiskBlock for about 12 months.
Companies have identified four other promising blockchain applications in addition to the death notification service, says LIMRA.
– Read Cognizant to use Blockchain Tech for Rewire Life Industry in India, on ThinkAdvisor.
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