Chains made out of numbers (Image: Shutterstock)

LIMRA is teaming up with RiskBlock Alliance to develop blockchain-technology-based services for life insurance and annuity issuers.

The partners will start by using a blockchain-based system to let life and annuity companies know when their customers have died. The system will use data from the Social Security Administration and other sources.

LIMRA is a life insurance and financial services consortium based in Windsor, Connecticut.

(Related: LIMRA Aims to Shape Benefits Data Exchange Standard)

RiskBlock is a Malvern, Pennsylvania-based arm of the Institutes, a property-casualty insurer group.

LIMRA says its members have been working with RiskBlock for about 12 months.

The companies have identified four other promising blockchain applications in addition to the death notice service, LIMRA says.

— Read Cognizant to Use Blockchain Tech to Rewire Life Industry in Indiaon ThinkAdvisor.

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