A not-for-profit organizations RiskBlock Alliance and LIMRA have created the first in the US blockchain-related platform in the sector of life insurance and pension contributions.
The creators say in a press release that the new blockchain platform will reduce the level of fraud and improve the quality of service, speeding up the processing of client requests.
The “Mortality Monitor” platform will notify insurance companies in real time of the receipt by customers of insurance payments, report on their health or death, checking data with state registries.
More than 30 insurance companies joined the project RiskBlock Alliance and LIMRA, which during the year participated in a study of the possibilities of using blockchain technology in this area. In addition to the “Mortality Monitor”, another 4 more effective platform insurance systems may soon appear.
RiskBlock Alliance’s mission is to develop blockchain-based solutions that reduce transaction costs, improve the quality of customer service, increase the speed and security of data transmission.