LIMRA and The Institutes RiskStream Collaborative have reached an agreement to develop blockchain solution for validation of life insurance licensing and appointment process for agents.
A new working group including nine members of the RiskStream Collaborative life and annuity sector will leverage state and federal regulatory data to create a licensing and appointments application.
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The app will validate agents’ and advisers’ licensing credentials automatically to sell specific life insurance and annuity products.
After scrutiny, the information will be shared with all carriers and intermediaries which are part of the RiskStream Collaborative.
LIMRA, LOMA and LL Global chief operating officer Gina Birchall said: “According to LIMRA research, there are 200,000 independent agents in the US who have an average of 11 separate carrier sales agreements, requiring considerable duplicative paperwork to comply with the growing regulatory requirements to validate agents’ credentials to sell specific products in each state.
“Blockchain offers a unique solution that can benefit our industry and its consumers. Streamlining these core business processes will save carriers and distributors’ money and resources, allowing them to offer greater value to their customers.”
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By GlobalDataFor one of the two use cases selected, the RiskStream Collaborative will start building a proof of concept in the coming months, and that app is likely to be introduced next year.
