The Institutes RiskStream Collaborative's Blockchain Solution for Life Insurance Industry

The customer in this case is the life insurance industry, which includes a wide range of stakeholders such as insurance carriers, beneficiaries, and intermediaries. The industry has been struggling with the lack of a centralized, reliable source of truth for processing death benefits and claims, leading to increased time, cost, and risk. The industry needed a solution that could streamline the process, reduce the cycle time, and make it more efficient and less cumbersome for all stakeholders. The Institutes RiskStream Collaborative, an enterprise-level blockchain consortium, stepped in to address this challenge with its innovative blockchain-based solution, the Mortality Monitor.

The life insurance industry has been grappling with the challenge of not having a single, reliable source of truth for processing death benefits and claims. This lack of a centralized system has led to multiple handoffs between different systems and people, which not only increases the time taken to process claims but also escalates the cost and risk associated with it. The absence of a unified platform also places an unnecessary burden on the beneficiaries, who often have to navigate through complex procedures and multiple points of contact to claim their benefits. The industry was in dire need of a solution that could streamline the process, reduce the cycle time, and make it more efficient and less cumbersome for all stakeholders.

The Institutes RiskStream Collaborative developed a blockchain-based technology solution, the Mortality Monitor proof of concept, to address these challenges. This innovative solution provides a single source of digital decedent information required to process a claim. By leveraging the transparency, security, and immutability of blockchain technology, it ensures that all stakeholders have access to the same, verified information, thereby eliminating the need for multiple handoffs. Moreover, the solution offers instant notification features that help carriers identify potential deaths more quickly. This not only reduces the burden on the beneficiary but also significantly shortens the cycle time. The Mortality Monitor is a testament to how blockchain technology can be leveraged to enable efficiencies, inspire product innovation, and open new technological frontiers in the insurance industry.

• The implementation of the Mortality Monitor has brought about significant operational improvements in the life insurance industry. The blockchain-based solution has streamlined the process of claim processing by providing a single source of digital decedent information. This has eliminated the need for multiple handoffs between different systems and people, thereby making the process more efficient. The instant notification feature has enabled carriers to identify potential deaths more quickly, reducing the burden on the beneficiaries and making it easier for them to claim their benefits. Moreover, the solution has opened up new technological frontiers in the industry, inspiring product innovation and enabling efficiencies.

• Significant reduction in the time taken to process claims

• Considerable decrease in the cost associated with claim processing

• Substantial reduction in the risk associated with claim processing