RiskStream’s Mortality Monitor Solution
An Overview
Industry Problem
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 the multiple handoffs between systems and people increase time, cost and risk
Company Background
The Institutes RiskStream Collaborative is the insurance industry’s largest blockchain consortium, with a membership of more than 30 leading carriers, brokers, and reinsurers. RiskStream serves the P&C and Life & Annuity industry as a neutral, collaborative, and non-profit resource, focused on solving multiparty business process challenges. Our solutions and applications typically involve cross-party data sharing and verification from our member’s integrated systems of record, using our private permissioned network. Carriers, brokers and reinsurers lead all areas of the consortium’s activity and governance through boards, committees, and application-specific working groups.
RiskStream’s Mortality Monitor Solution
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.
Mortality Monitor Benefits
Mortality Monitor is designed to deliver operational efficiencies and financial advantages to carriers while improving the beneficiary’s experience:
Economic Incentives – Provide holders of death information an incentive to post and share data with other carriers on the private network.
Lower Administrative Costs – The automation reduces the time spent verifying, reviewing data for proof of death, manner and cause, Death Master File, and the claim itself. Eliminates time spent entering death data, reducing turn-around times. Eliminates delays in obtaining certified copies of death certificates.
Reduced Data Vendor Expense – Data exchange and automation lowers amount spent on third-party data for both DMF (Death Master File) and non-DMF reported claims.
Reduce Settlement Time – Faster settlement due to the sharing of data across the private permissioned network leads to reduced cycle times.
Improved Beneficiary Experience – Reduces the beneficiary’s burden, time and expense of having to provide proof of death in order to receive death payments to cover funeral expense and their financial needs.
Reduce Compliance Hurdles – Supports regulatory and compliance policies, thus reducing operational costs in mitigating audits and unclaimed property policies
Positioning for the Future:
Mortality Monitor is designed for large-scale decentralized death registry that allows for down-stream participants to share decedent data. RiskStream is engaged in discussions with an extended ecosystem that includes entities who have the original source of death information such as vital records, data providers, and government agencies. The long-term goal is to bring entities with original sources
of death information onto the network, followed by plans to engage the broader ecosystem, such as banks, utilities, credit agencies,
taxes, etc.
Ease of implementation and integration – The API-enabled solution enables rapid integration to core admin and claims systems.
Industry-Centric design to adoption – Because RiskStream employs a very defined labs process for design, development, delivery and adoption, members have the ability to work collaboratively with other industry participants to offer their insights.
A collaborative SaaS application with easy set up and low support requirements – RiskStream provides support and maintenance, reducing the need for extensive internal IT resources, while the member-agreed to Business Network Operations agreement ensures cooperative participation on the network.
Heightened Security – Ensures the highest standard of data privacy and security through safe, secure, trusted, and transparent permission-based blockchain technology.
Future network growth and opportunity – The network and data exchange enable participants the ability to expand across sectors and markets.