(Image source: SE2 homepage.)
SE2 (Topeka, Kan.), a life and annuities insurance technology and services firm, and Digital Asset, a New York-based software and services provider, has announced a strategic collaboration to create products supporting the sales and servicing of life and annuity products, leveraging distributed ledger technology. The companies report that they are building applications that tackle workflow and data inefficiencies, creating better outcomes for carriers, distributors, re-insurers, and consumers.
“By moving beyond automation of the current process and into distributed ledger technology, SE2 is focused on driving efficiency and scale across the life and annuity industry,” comments Mark Schultis, CEO of SE2. “We are thrilled to partner with Digital Asset to deliver customers a powerful and differentiated experience end to end.”
A joint statement from the vendors reports that initial implementations include a single source of truth “system of record,” which they define as a standardized data framework and an effective risk transfer mechanism. “One clear use case will address inefficiencies in the conversion process that will dramatically reduce costs and cycle times. This is the first of many use cases that will be supported through the platform,” the statement says.
The Time is Right
The companies say that ever-evolving market dynamics, the need to rapidly develop and iterate products and a lingering low interest rate environment are driving SE2 and Digital Asset to develop this technology that they believe is capable of changing the industry.
“The timing could not be better for SE2 and Digital Asset to team up,” comments Yuval Rooz, Co-Founder and CEO, Digital Asset. “We are excited to bring distributed ledger technology solutions to the systemic problems at the heart of the life and annuity industry. By lowering the burden of administration, we can improve product transparency and create a standardized data framework for key stakeholders.”