SE2, a leading life and annuities insurance technology and services firm, and Digital Asset, a software and services provider, today announced their strategic collaboration to create products supporting the sales and servicing of life and annuity products, leveraging distributed ledger technology.
The two companies 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,” said Mark Schultis, CEO of SE2. “We are thrilled to partner with Digital Asset to deliver customers a powerful and differentiated experience end to end.”
Initial implementations include a single source of truth ‘system of record’, 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.
Continuously changing market dynamics, the need to rapidly develop and iterate products and the lingering low interest rate environment are driving SE2 and Digital Asset to develop this industry changing technology.
“The timing could not be better for SE2 and Digital Asset to team up,” said Yuval Rooz, Co-Founder and CEO of 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.”
The announcement coincides with this week’s Digital Insurance DigIn Conference where Digital Asset and SE2 are co-hosting a fireside chat on “Innovation in Insurance.”