Starting in 2017, LIMRA and LOMA partnered with The Institutes RBA Alliance to facilitate the formation of life, annuity, group benefits and retirement industry sectors of the Institutes RBA Alliance to build industry blockchain applications. There is tremendous opportunity for blockchain in these sectors.
With the 2018 launch of the first LIMRA-facilitated sector, US Life & Annuity, we have officially begun engaging our member companies in the Institutes RBA Alliance consortia. The first member-led working group commenced in December 2018 and is now actively designing a blockchain application called the Mortality Monitor aimed at bringing efficiencies to death claim processing.
Other use cases being discussed include intercompany product exchanges, life underwriting, distributor licensing & appointments and commission payment processing.
To learn more about blockchain and its impact on the industry, watch the latest episode of LIMRA Unplugged Lite, featuring LIMRA, LOMA, and LL Global Inc. Chief Information Officer, Kartik Sakthivel.