Mortality Monitor
Today, the life insurance industry lacks a single source of truth for processing death benefits and claims. Family members and loved ones are burden with having to provide proof of death and carriers must collect and assemble pertinent information and documents from multiple sources, which means duplication of data, high rework and potential for errors. For all participants, including insurance carriers, the multiple handoffs between systems and people increase time, cost and risk.
RiskStream’ s Mortality Monitor, a blockchain application, offers a single source of decedent information required to process a death claim. Instant notification helps carriers proactively identify potential deaths more quickly, reducing the burden on the beneficiary and shortening the claims cycle time.
The solution sets the stage for a large-scale decentralized death registry, allowing entities with original sources of death information (such as funeral homes, state Vital Records departments, the Social Security Administration, and government agencies) to share decedent data with life and annuity carriers in real-time. To learn more, please read the study here.
Benefits:
Reduced settlement time
Lower operating costs
Enhance beneficiary’s experience
Engagement:
This phase expanded the ecosystem by inviting Guidehouse to participant where they will provide death data from the Social Security Death Master File
Phase:
Phase 0 - Use Case Selection
Phase 1 - Kick-off & Design
Phase 2 - Proof of Concept
Phase 3 - Pilot
Phase 4 - Production
Phase 5 - Adoption & Run
Call to Action:
Reach out today to learn more about how you and your organization can get involved.