Abacus Life Settlements, a buyer of life insurance policies in the United States, has teamed up with BlockCerts to introduce blockchain-enabled insurance and longevity-related assets.
Jay Jackson, the CEO of Abacus life, pointed out:
“Abacus Life and Longevity Market Assets are excited to partner with BlockCerts Web 4.0 to lead the next generation of life insurance and annuity purchases using blockchain. We are revolutionizing the acquisition and investment in longevity-related assets.”
Through blockchain technology, Abacus life will attain next-generation data security, cost reductions, and a competitive advantage in the marketplace, which will enhance its growth trajectory, according to a press release.
BlockCerts is a Web 4.0 renaissance that provides a secure and private platform for new applications needed to scale businesses and manage life.
Tim Vasko, the founder of BlockCerts, welcomed the collaboration and stated:
“BlockCerts is enthused to collaborate with the Abacus Life team to bring the full power of Web 4.0 to life within the insurance industry, to redefine what is possible.”
In the coming future, Abacus Life plans to transact policies entirely on the blockchain using SignCERTin - a Blockcerts’ authenticated cloud and a secure virtual space platform.
Jackson added:
“This is a great example of how our authentication blockchain and our full suite of decentralized applications are able to streamline past processes and provide new solutions to yield many new benefits for a growing company like Abacus Life and Longevity Market Assets.”
Blockchain technology continues to revamp the insurance space. For instance, Lemonade, a top American insurance company, partnered with various companies to roll out blockchain-enabled climate insurance to assist vulnerable farmers globally.
Image source: Shutterstock
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