The Institutes RiskBlock™ Alliance And LIMRA Announce First Blockchain Use Case For Life Insurance And Annuity Sector

The Institutes’ RiskBlock Alliance and LIMRA have announced the first blockchain use case for the insurance consortia’s newly formed life and annuity sector. The application, Mortality Monitor, will leverage Social Security data, other data sources and policyholder records to provide real-time notification to members of the death of life insurance and annuity policyholders. This blockchain-powered solution will improve claims processing, reduce fraud and increase customer satisfaction. “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.