In collaboration with Nationwide,
Providing a single source for decedent information and allowing the secure and permission-based exchange of this data among RiskStream Collaborative member companies, Mortality Monitor sets the stage for a large-scale decentralized death registry. The RiskStream Collaborative partnered with Kaleido to leverage their blockchain services and develop the application, which serves as RiskStream's first life and annuity-based distributed ledger proof-of-concept.
"We are living through unprecedented times with the outbreak of COVID-19. Timely closure of life insurance and annuity claims has never been more important and remains an ongoing challenge, as verification and validation of death claims requires carriers to have comprehensive decedent information, but no one source has emerged to fill this need," said
The proof-of-concept efforts emphasized Mortality Monitor's ability to securely share death data amongst the network of participants. It represents the first project to advance through
"The Mortality Monitor proof-of-concept shortens the response time from date of death to notification of beneficiary, thus improving the beneficiary's experience while reducing time, cost, and risk to the insurer," said
"This proof of concept is a prime example of how we are leading through technology innovation, and for Prudential, it is all about protecting the safety, security, and privacy for our customers during what can be a particularly challenging time. We are a socially responsible organization and believe it's important to protect our customers. We are excited that our participation in the consortium allows us to invest in solutions that solve real-life challenges in our industry," said
"This progress is exciting to see and only a starting point for the innovation this consortium will bring to the industry. We see a great opportunity to build a "single source of truth" in the industry using blockchain technology to better serve our customers and their loved ones while protecting their personal data. Prudential is proud to be a founding member of the consortium and to partner together with innovative leaders to provide new solutions that are secure and lead to better outcomes for our customers," said
"Customers entrust life insurers to care for their loved ones if something happens," said
The RiskStream Collaborative operates in property casualty, reinsurance and life & annuities. Its life & annuities (L&A) sector was born in collaboration with LIMRA, a research and professional development trade association for the financial services industry, which continues to serve in an advisory capacity to the L&A consortium. RiskStream aims to expand its network of members and connect insurance-oriented organizations to create greater efficiencies and achieve growth opportunities through blockchain innovations. The focus for Q4 2020 is to conduct a viability study to analyze and quantify the overlap of claims across carriers for the Life, Annuity, and Retirement sectors.
"The Mortality Monitor™ application demonstrates industry-leading innovative technology that optimizes the claims process. This allows carriers to proactively service beneficiaries and ensure a seamless, and stress-free experience," said
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative™ is the risk management and insurance industry's first enterprise-level blockchain consortium that brings together experts and developers to advance insurance-specific use cases via Canopy, a custom blockchain architecture. The RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers.
The Institutes, the leading provider of risk management and insurance knowledge education and solutions, offer professional designations, including the CPCU® program. In addition, The Institutes provide introductory, foundational, and leadership courses and programs; online and continuing education courses; custom solutions; events and conferences; online and print news platforms; assessment tools; and research reports.
CPCU is a registered trademark of The Institutes. All rights reserved.
Kaleido is a digital transformation platform that offers blockchain-as-a-service, digital assets services, smart contract management, network governance, insights and monitoring, collaboration services, apps and integration, along with a marketplace with third-party integrations, developer tools, and connectors.
Kaleido has been running thousands of networks globally with built-in high availability, disaster recovery, and 99.99% uptime achieved over the last three years. Kaleido provides multi-party consortia with one native network across the major public clouds, across all global regions and on-premise deployments. It offers the industry's highest levels of security, compliance, performance, and scalability, along with enterprise SLAs and 24/7 support. It is the first blockchain SaaS to have achieved ISO 27K certification.
The leading global enterprise blockchain consortia in production today across trade finance, supply chain, payments, insurance, banking, healthcare, media and entertainment, and retail rely on Kaleido for continued innovation across the open-source and blockchain communities.
To learn more, visit us at kaleido.io