SE2 and Digital Asset Partner to Innovate Across the Insurance and Annuity Product Lifecycle
Strategic alliance leverages distributed ledger and smart contracts to create better data access, standardization, and low-cost product liquidity
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.”
SE2, an Eldridge business, is a leader in the US life and annuities insurance technology and services industry. SE2 has a proven track record in delivering technology driven transformations for the life and annuity insurance industry. SE2 uniquely combines the maturity and peerless industry knowledge of its 125+ years of life insurance and annuity industry heritage with its end-to-end digital platform to enable the rapid launch of new and innovative products through existing as well as digital channels. SE2 currently administers nearly 2 million active policies on behalf of its 25+ clients. SE2 has over $100 billion in assets under administration and handles more than 200,000 new business applications annually. Please visit SE2 at https://se2.com/ to learn more.
About Digital Asset
Digital Asset is a software and services provider that helps enterprises build economic value through interconnected networks. The company designs and delivers technology that reshapes legacy systems and workflows into efficient, secure, and interconnected applications. Daml, our core technology, is a platform for building multi-party applications. It extracts and simplifies business processes to make data accessible and optimizes workflows using smart contracts. Leading organizations across financial services, insurance and healthcare partner with Digital Asset to create new multi-party solutions that transform disparate silos into synchronized networks.