Non-profit organizations RiskBlock Alliance and LIMRA has created the first U.S. blockchain platform in the insurance sector of human life and pension contributions.
The creators claim in a press release dated 20 September that the new blockchain platform will reduce the level of fraud and increase the quality of service by accelerating the processing of client requests.
Platform “Mortality Monitor” will notify the insurance company in real time about receiving insurance payments, to report their health status, or death, comparing the data with state registries.
Head RiskBlock Alliance, Christopher G., McDaniel, commented on the innovation as follows:
“Blockchain technology will help insurance companies not only to meet state regulatory requirements, but also to improve the level of customer service, detect and prevent fraud and to document the receipt of insurance payments…”
The project RiskBlock Alliance and LIMRA joined more than 30 insurance companies, which during the year involved the study of potential application of blockchain technology in this field. In addition to the “Mortality Monitor” will soon appear 4 increase the efficiency of the insurance system platform.
President and chief Executive officer of the nonprofit research organization LIMRA, Robert Kerzner also pleased with the results of the studies:
“Members of the organization LIMRA firmly believe that the blockchain is a very effective tool to create an enhanced and more accurate database for insurance companies”
RiskBlock the mission of the Alliance is to develop a blockchain solutions that reduce the cost of transactions, improve customer service, increase speed and safety data transfer.
In 2017, the year of the Allianz insurance company has presented the prototype of a blockchain that focuses on unclaimed life insurance policies, a blockchain startup Stratumn announced the completion of the ongoing, led by the French Federation of insurers research a blockchain platform, and the shipping company Maersk, Microsoft, and audit firm EY have announced a joint intention to use the technology of the blockchain in the field of marine insurance.
Today there are more initiatives of applying the blockchain to increase the level of public life. Many governments get accustomed to the technology, for example, can improve social services or the health system. For example, the Australian government outlined plans to build a new system of providing social benefits to citizens on the basis of the blockchain, and the Australian Department of health has already begun to actively use the technology for storage of medical and research data.