RiskStream Proves Need for Blockchain in Sharing Death Data for Life Insurance (Ledger Insights)

RiskStream Proves Need for Blockchain in Sharing Death Data for Life Insurance

Wednesday, June 16th, 2021 Life & Health Technology

The Institutes RiskStream Collaborative ran a study to prove whether its Mortality Monitor is a viable insurance blockchain use case. The purpose is for insurers to share their information about a policyholder’s death with other insurers.

A key aim of the enterprise blockchain solution would be to lower costs in the Life and Annuity sector and achieve a faster payout on death.

RiskStream has more than 40 carriers in its blockchain consortium.

By exploring five years of data across just three carriers, the study found that 4% of deceased policyholders had products with multiple providers, a very high figure for just three insurers.

That said, in a 2018 population of 330 million, there were 267 million life insurance policies.


External References & Further Reading
https://www.ledgerinsights.com/riskstream-proves-need-for-blockchain-in-sharing-death-data-for-life-insurance/
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