Chains made out of numbers (Image: Shutterstock)

LIMRA is working with an arm of The Institutes — an education and research organization with roots in the property and casualty insurance industry — to give life and annuity issuers a way to learn more about how they might be able to use blockchain technology.

LIMRA has helped eight of its members join The Institutes RiskStream Collaborative.

Members of the RiskStream Collaborative members are developing and testing blockchain-based applications, such as a proof of insurance application, and a system that can let life and annuity issuers known when their customers have died.

(Related: 3 Things to Know About Blockchain Insurtech, in Actual English)

“Blockchain” technology is a strategy organizations can use to create encrypted collections of records that are spread out over many different computers. Supporters of the technology say that it might be a good way for insurers, their customers and their data provides to create and share underwriting records, insurance policies, and other types of records and transactions.

The life and annuity issuers that have joined the blockchain consortium are American Family Life Insurance Company, American Fidelity Corp., Horace Mann Educators Corp., John Hancock, Nationwide, Prudential Financial Inc.,Securian Financial and USAA.

Some of those companies have also joined the blockchain consortium as property & casualty members.

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

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