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LIMRA announced today that is has established an advisory council to explore opportunities in the life insurance and retirement sectors to use blockchain distributed ledger technology.
“Our role as a trade association is to provide a forum for industry discussion and collaboration on emerging trends,” comments Robert Kerzner, president and CEO, LIMRA, LOMA, LL Global. “Blockchain technology offers our members significant ways to immediately improve operations and efficiencies. We are encouraged that many of our members have joined LIMRA’s Blockchain Advisory Council to help us find scalable solutions using this technology.”
In its announcement of the new Advisory Council, LIMRA asserts that blockchain has the capacity to revolutionize the financial services industry, and notes that researchers predict blockchain technology will solve many challenges faced by financial services industry, from lowering administrative and claims processing costs, to expanding access to underserved markets and enabling immediate issue products.
LIMRA reports that the Blockchain Advisory Council will hold its inaugural meeting on September 7 at the Massachusetts Institute of Technology (MIT) Endicott House. Initial members of the Blockchain Advisor Council include representatives from AXA, John Hancock, Lincoln Financial Group, MassMutual, Nationwide, Northwestern Mutual, Pacific Life Insurance Company, Penn Mutual and Principal Financial Group, according to the industry trade group.
Practical, Collaborative Industry Solutions
At the inaugural meeting will feature experts on blockchain, including Linda Pawczuk, principal, Global Technology, Deloitte Consulting, who is slated to discuss opportunities to leverage blockchain technology to improve operations and efficiencies in the business. LIMRA says it will work with the Advisory Council to identify and prioritize concepts for practical, collaborative industry solutions that could be developed and implemented within 18 months.
“For more than 100 years, LIMRA has offered cost-efficient, industry-wide solutions that can serve the industry as a low-priced utility,” adds Kerzner. “LIMRA is well-positioned to work with our members to enable them to leverage blockchain technology in their day-to-day operations.”