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

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.