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Abacus Life to Use Blockchain to Track Life and Annuity Details

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What You Need to Know

  • Abacus Life will work with BlockCerts to put policy and contract details and sale history on what amounts to a digital charm bracelet.
  • The new system will help eliminate paperwork and allow buyers to see the entire history of a policy.

A life settlement company has come up with a new strategy for holding all details about a life insurance policy or an annuity contract together.

Abacus Life Settlements and an affiliate, Longevity Market Assets, will be working with BlockCerts Blockchain, a blockchain technology company, to put each policy and contract’s benefits details and sale history on what amounts to a digital charm bracelet.

What It Means

Clients who want to sell or invest in in-force annuities or life insurance policies might find buying and selling policies a little cheaper and a little easier.

The Players

Abacus Life Settlements is an Orlando, Florida-based company that has been in the life settlement market since 2004.

Longevity Market Assets is a longevity-linked asset manager that shares a suite with Abacus Life in Orlando.

BlockCerts Blockchain is a blockchain technology company based in Victoria, British Columbia. It helps clients use blockchain technology to connect, organize and protect information stored on offsite computers.

The Future

Abacus Life says blockchain technology will help it eliminate paperwork and give life settlement and annuity market players a complete view of a policy or contract and all transactions involving the policy or arrangement.

Jay Jackson, the Abacus Life CEO, emphasized that the new system will support annuity sales as well as life insurance policy sales.

(Image: Shutterstock)