According to the report, three carriers provided damage data for five years for individual life, group life, pensions and retirement business. The results showed that around 4% of deceased policyholders from one of the carriers also had policies (individuals or groups) or financial instruments (annuities or pension plans) with one of the other two carriers. This percentage was much higher than expected for three participating companies. The percentage is expected to grow significantly with a much larger network, which is what is expected with a production rollout of the app.

MALVERN, Pa., May 26, 2021 / PRNewswire-PRWeb / – Institute RiskStream Collaborative ™, the largest blockchain consortium in the risk management and insurance industry, has published a profitability study validating the potential operational efficiency benefits for the Life & Annuities industry from using the Mortality Monitor were created. The enterprise blockchain application aims to reduce the data exchange challenges during the death notification process and to help network operators within the RiskStream Collaborative network identify potential deaths more quickly by incentivizing secure, approved data exchange. The exchange of information on the death of a policyholder with other parties who also believe that the policyholder aims to improve the beneficiary’s experience while reducing time, costs and risks for carriers.

“Deceased individuals often have overlapping financial products across multiple Life & Annuities shippers, and there is a chance these deceased individuals could be matched in the shippers’ damage records,” the report’s author said. Patrick Schmid, VP of RiskStream Collaborative. “The Mortality Monitor study tried to test the feasibility of the carrier-to-carrier data exchange concept of the blockchain application with a limited scope and a small network of participants. The results of the analysis showed the potential of the app for real-time access to enable information. Shorten cycle times and improve beneficiaries’ experience. “

The story goes on

According to the report, three carriers provided damage data for five years for individual life, group life, pensions and retirement business. The results showed that around 4% of deceased policyholders from one of the carriers also had policies (individuals or groups) or financial instruments (annuities or pension plans) with one of the other two carriers. This percentage was much higher than expected for three participating companies. The percentage is expected to grow significantly with a much larger network, which is what is expected with a production rollout of the app.

The results also showed that if a deceased person had policies or financial instruments with more than one carrier, there was a median 55-day payment gap for the second carrier’s payout. This finding indicates that one carrier often learns of the death earlier than others, so that an approved exchange of data can accelerate the overall death benefit process. RiskStream’s Mortality Monitor application leverages the token economy to motivate shippers to securely share a death notice with other competitors who have the same deceased party in their internal policy systems. The aim is to speed up the industry-wide application process and improve the overall beneficiary experience.

The Mortality Monitor’s single source of truth concept creates the conditions for a broader vision and expands network participants to companies that may have the original source of death information; Funeral directors, medical examiners, vital signs and electronic death registration systems (EDRS) and government agencies. The inclusion of these data oracles is a logical next step in further accelerating the process of providing death benefits to those left behind after the death of a loved one.

“A fatal beneficiary often has to go to considerable lengths to file claims with any freight forwarder for any industry when they are going through one of their toughest times in life. Our members want to improve that experience industry-wide,” he said Bill Keogh, Non-executive chairman of the RiskStream Collaborative. “Over the summer, we are planning several summits with our members, the broader Life & Annuities industry and their data providers. We will discuss the challenges with today’s processes and demonstrate the ability of the Mortality Monitor to support the industry.”

Click here to view the full Mortality Monitor Viability Study

Via the Institute RiskStream Collaborative
Institutes RiskStream Collaborative ™ is the risk management and insurance industry’s first blockchain consortium bringing together experts and developers to drive insurance-specific use cases through Canopy, a custom blockchain architecture. The RiskStream Collaborative aims to enable companies to work together to stimulate product innovation, enable efficiency and open new technological frontiers.

About the Institute Knowledge Group for Risk and Insurance
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Media contact

Pat Schmid, The Institutes RiskStream Collaborative, (610) 644-2100, schmid@theinstitutes.org

SOURCE The Institutes RiskStream Collaborative