John Hancock Incorporates Blockchain in Wealth Management Onboarding Proof of Concept

The Ethereum blockchain-based initiative is being undertaken via the company’s experimental Lab of Forward Thinking, in collaboration with ConsenSys and BlockApps.

(Ace Moghimi, head of innovation, John Hancock on the site of the LOFT.)

John Hancock’s (Boston) experimental Lab of Forward Thinking (LOFT) will work with ConsenSys (New York) and BlockApps (New York) on a proof of concept based on the Ethereum public blockchain platform. The LOFT will apply blockchain technologies to enhance the on-boarding of new wealth management clients in order to enhance one of the critical drivers of customer satisfaction, according to a statement from the companies.

“Our goal is to simplify and enhance the customer experience when they first begin doing business with us, comments Ace Moghimi, John Hancock’s assistant VP and head of innovation, North America. In the wealth management business this involves not only satisfying customers, but regulatory and legal aspects as well.”

John Hancock’s LOFT, which was launched last year, is a 6,500 square foot space located at its Seaport area headquarters in Boston’s “Innovation District” and is devoted to a culture of innovation and creativity within all facets of the organization, according to the company. John Hancock reports that it will be opening other LOFTs around the world in an effort to further collaboration and devise new forward-thinking technology solutions for the company’s various wealth and asset management and insurance business lines.

Commitment to the Blockchain Ecosystem

Igor Lilic, Principal Technical Lead, ConsenSys.

Igor Lilic, Principal Technical Lead, ConsenSys.

“The LOFT group is a model example of innovation within the enterprise:  bright, enthusiastic teams tasked with understanding new technologies and who aren’t afraid of getting their hands dirty by building prototypes,” comments Igor Lilic, Principal Technical Lead, ConsenSys Enterprise. “We are incredibly enthusiastic about John Hancock’s commitment to the blockchain ecosystem and we look forward to continued collaboration as LOFT builds smart contract based platforms.”

The Loft team is, “building the technical knowhow and internal stakeholder support that will allow John Hancock to be a disruptor rather than a disruptee as the blockchain revolution materializes,” comments Kieren James-Lubin, Chief Product Officer, BlockApps. “We are extremely enthusiastic about our partnership with LOFT.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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