Benekiva bridges the gap between life insurance policies and their intended beneficiaries by claims automation, beneficiary management, and asset retention.
By integrating Fluree into their claims platform as a gateway partner, Benekiva has introduced an unprecedented level of data integrity while enhancing the level of trust between policyholder, insurance provider, SaaS platform, and beneficiary.
Benekiva is a rising insurtech platform that is focused on digitizing the life insurance claims process, with a specialized “beneficiary-first” mission and mindset. They have selected Fluree as a complementary backend partner to provide the immutability benefits of blockchain directly to claims filings. Here is how Benekiva is leveraging Blockchain:
- Immutable ledger. Data that gets stored in blockchain cannot be altered, creating a provable audit trail back to the very genesis of the policy. Benekiva can hand provide a hash of each transaction to a policyholder with complete data integrity.
- Time-Travel: By holding the entire transactional history in a FlureeDB immutable blockchain, Benekiva can query against any point in time and instantly receive a result as-of that “block.” This means Benekiva and its customers can truly see the state of a claim at any point in time, down to the millisecond.
As Benekiva scales, providing a flexible API to partner gateways like Fluree will allow carriers to choose the transparency, immutability, and time travel benefits of blockchain.
Why is this disruptive?
Co-founder of Benekiva Bobbie Shrivastav writes:
“The life insurance industry is a 258-year-old industry, and, though claims may make it in the top 10 list of issues for the CIO, the focus for the company as a whole tends to be on generating revenue. The claims staff works overtime to come up with various duct-tape systems filled with Excel spreadsheets, Access databases or various systems to balance the needs of regulators, old processes (this is how we have always done things) and beneficiaries. Beneficiaries wind up supplying the same information in multiple documents, sending the same documentation multiple times and chasing down faxes/mails for next steps.” — Insurance Thought Leadership
In addition, there are more than $14 Billion of unclaimed life insurance policies, and the number keeps growing to $1B/yr. (source)
By leveraging FlureeDB, Benekiva can provide an exact and immutable account of life insurance policies (and their modifications) to its partners, policyholders, and intended beneficiaries. The data integrity from the immutable ledger gives Benekiva a modern, digital, and secure way to ensure a single source of truth.
Curious about the architecture?