Kaleido Case Studies RiskStream Collaborative's Mortality Monitor: A Blockchain Solution for Efficient Death Claims Processing

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	RiskStream Collaborative's Mortality Monitor: A Blockchain Solution for Efficient Death Claims Processing Kaleido

RiskStream Collaborative's Mortality Monitor: A Blockchain Solution for Efficient Death Claims Processing

Kaleido

Technology Category	Application Infrastructure & Middleware - Blockchain Robots - Collaborative Robots
Applicable Industries	Finance & Insurance
Applicable Functions	Product Research & Development Quality Assurance
Use Cases	Time Sensitive Networking Usage-Based Insurance
Challenge	The Institutes RiskStream Collaborative™, in partnership with Nationwide, Prudential Financial, and Securian Financial, faced the challenge of efficiently processing death benefits and claims. The existing process was inefficient and manual, requiring comprehensive decedent information for verification and validation of death claims. However, no single source had emerged to fill this need. The challenge was further exacerbated by the COVID-19 pandemic, which made the timely closure of life insurance and annuity claims more critical than ever. The lack of a centralized, secure, and transparent system for sharing decedent information among insurance carriers posed a significant challenge. Read More
About Customer	The customers of the Mortality Monitor application are insurance carriers, specifically those dealing with life insurance and annuity claims. These include Nationwide, Prudential Financial, and Securian Financial, which are member organizations of the RiskStream Collaborative and participated in the proof-of-concept endeavor. These organizations are committed to driving digital innovation and improving the beneficiary's experience while reducing time, cost, and risk. They see the Mortality Monitor application as a significant step towards enhancing customer-centricity, driving innovation, and providing secure solutions that solve real-life challenges in the insurance industry. Read More
Solution	To address this challenge, RiskStream Collaborative developed the Mortality Monitor application, a blockchain-based solution that provides a single source for decedent information and allows secure, permission-based exchange of this data among member companies. The application was developed in partnership with Kaleido, leveraging their blockchain services. The Mortality Monitor sets the stage for a large-scale decentralized death registry, making inefficient manual processes obsolete. The application shares decedent information securely, in real-time, with transparency and traceability. The proof-of-concept efforts emphasized the application's ability to securely share death data amongst the network of participants. The application gained initial support from Nationwide, Prudential, and Securian Financial, member organizations of the RiskStream Collaborative that participated in the proof-of-concept endeavor. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Blockchain

Robots - Collaborative Robots

Applicable Industries

Finance & Insurance

Applicable Functions

Product Research & Development

Quality Assurance

Use Cases

Time Sensitive Networking

Usage-Based Insurance

Challenge

The Institutes RiskStream Collaborative™, in partnership with Nationwide, Prudential Financial, and Securian Financial, faced the challenge of efficiently processing death benefits and claims. The existing process was inefficient and manual, requiring comprehensive decedent information for verification and validation of death claims. However, no single source had emerged to fill this need. The challenge was further exacerbated by the COVID-19 pandemic, which made the timely closure of life insurance and annuity claims more critical than ever. The lack of a centralized, secure, and transparent system for sharing decedent information among insurance carriers posed a significant challenge.

About Customer

The customers of the Mortality Monitor application are insurance carriers, specifically those dealing with life insurance and annuity claims. These include Nationwide, Prudential Financial, and Securian Financial, which are member organizations of the RiskStream Collaborative and participated in the proof-of-concept endeavor. These organizations are committed to driving digital innovation and improving the beneficiary's experience while reducing time, cost, and risk. They see the Mortality Monitor application as a significant step towards enhancing customer-centricity, driving innovation, and providing secure solutions that solve real-life challenges in the insurance industry.

Solution

To address this challenge, RiskStream Collaborative developed the Mortality Monitor application, a blockchain-based solution that provides a single source for decedent information and allows secure, permission-based exchange of this data among member companies. The application was developed in partnership with Kaleido, leveraging their blockchain services. The Mortality Monitor sets the stage for a large-scale decentralized death registry, making inefficient manual processes obsolete. The application shares decedent information securely, in real-time, with transparency and traceability. The proof-of-concept efforts emphasized the application's ability to securely share death data amongst the network of participants. The application gained initial support from Nationwide, Prudential, and Securian Financial, member organizations of the RiskStream Collaborative that participated in the proof-of-concept endeavor.

Impact #1	The Mortality Monitor application has revolutionized the way death benefits and claims are processed in the insurance industry. It has replaced inefficient manual processes with a secure, real-time, and transparent system for sharing decedent information. This has not only improved the efficiency of claims processing but also enhanced the experience of beneficiaries during a challenging time. The application has also demonstrated the potential of blockchain technology in creating a 'single source of truth' in the industry, leading to better outcomes for customers. Furthermore, it has fostered collaboration among leading carriers, creating greater efficiencies and growth opportunities through blockchain innovations.

Impact #1

The Mortality Monitor application has revolutionized the way death benefits and claims are processed in the insurance industry. It has replaced inefficient manual processes with a secure, real-time, and transparent system for sharing decedent information. This has not only improved the efficiency of claims processing but also enhanced the experience of beneficiaries during a challenging time. The application has also demonstrated the potential of blockchain technology in creating a 'single source of truth' in the industry, leading to better outcomes for customers. Furthermore, it has fostered collaboration among leading carriers, creating greater efficiencies and growth opportunities through blockchain innovations.

Benefit #1	Reduction in response time from date of death to notification of beneficiary
Benefit #2	Decrease in time, cost, and risk to the insurer
Benefit #3	Real-time sharing of decedent information

Benefit #1

Reduction in response time from date of death to notification of beneficiary

Benefit #2

Decrease in time, cost, and risk to the insurer

Benefit #3

Real-time sharing of decedent information

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Overview

RiskStream Collaborative's Mortality Monitor: A Blockchain Solution for Efficient Death Claims Processing

Operational Impact

Quantitative Benefit