A few months ago our team was fortunate to meet another like-minded changemaker. One who saw the possibilities and benefits of future technology. Enter Jay Jackson, CEO of Abacus Life.
Jay’s company is the largest entity in the longevity-related asset business with over $1B in revenue last year. His company has been on an incredibly successful growth trajectory, and they are just getting started.
Insurance and the Movies
Insurance. Just saying the word conjures up an image of an old, time-tested industry. I instantly get an image of Ned Ryerson, the insurance agent who badgers Bill Murray in the movie Groundhogs Day. I was a CMO of an insurance sales company in the past and we had a few Neds, but mainly I remember very impressive career professionals. The one thing that stands out in my memory is the amount of paperwork and how often our copiers were being repaired.
The industry is ready for a change and Jay Jackson aims to be the one to change it. What if you could eliminate paperwork, copying, faxing, scanning, filing, storing warehouses of paperwork, sending notaries to homes, and the laborious tasks of reviewing past paper contracts? Just thinking about that reminds me of the ending of the Indiana Jones Raiders of the Lost Arc movie where the Arc is given a number and stored in a warehouse that seems to go on for miles.
Sorry for the regression again, okay, so I like movies! What we are witnessing in Abacus is something out of Back to the Future. We can already see the future with the process of new technology powered by authentication, secure virtual space technology, and blockchain. The future is in the process now in mapping out the wishes of Abacus and aligning with what is now possible with Web 4.0.
Enter Authentication – Exit Notaries Driving to a Face-to-Face Meeting
We can also see how past relied on processes need to change. Just thinking about it seems as my son says, “old school”. Fast forward to what now exists with Web 4.0: digital authentication – Upload an ID, take a selfie, facial recognition match, upload a 3rd form of ID like a cable bill, then an immediate background check, and every person is authenticated. If additional authentication is needed, hold an encrypted web call to ask a few questions and then that too is stored in a digital file record.
TrackCERTin, Activity Files and Immutable Records
With a digitized “Activity File”, each person who is meant to have access is provided a private key. Some may have “Signatory Rights”, while others may only have “View Only” access. Everything that transpires with that file is held in a secure encrypted digital record. Records are hashed to the blockchain as an Immutable Record. Only those who have a private key have access, safe and secure.
Now the magic begins with what is possible…
- The client is provided unique access to their Activity
- Instant messaging within the activity provides quick communication and future documentation
- Documents are loaded to the Activity File in seconds
- Digitized documents are signed electronically in the Activity via SignCERTin
- A secure client video is generated from the activity
- A video record of the signature is stored in the activity
- Location markers show a date stamp and address where the contract was signed
- Other supporting documents are added
The Benefits are True Transformation…
- The file can be accessed in seconds by anyone with a private key, insurance staff, clients, power of attorney, or family members
- No more paper files that take up time and space
- Less administrative work and costs
- Expense reductions including paper, copiers, notary expenses, and more
- Time – streamlined processes eliminate time wasters and create new synergies that go directly to the bottom line
Contracts Gain More Value
With a Digital Record, Contracts Have More Value. A benefit that will continue to fuel Abacus’ future value. Contracts are easier to bundle, purchase and sell. There is a full chain of custody that is tracked via its blockchain record or a QR code. One can instantly, from anywhere, look at everything, as long as you have the private key.
Legal Issues and Disputes are Reduced
If every contract is surrounded by all of the documentation, videos, instant messages, and files, there is no question as to the intent of the contract. It leaves very little discussion regarding if a person truly signed a contract. If all parties have access to the contract, disagreements can be reviewed before they escalate to a legal issue. The full process creates Trust, Truth, and Transparency and creates value for everyone.
Think about the past with smudged signatures, tarnished paperwork, questions that arise, disputes, family members, and hidden information. Enter the future with full disclosure, full access, full record, and full view. If you can see a full picture, it makes it more difficult to make up an imagined intent or past.
Take That Process and 10x It!
Now take that similar process and apply it to a full company. Apply the Activity Concept to groups in a company. You’ll get better collaboration, full access to all tools to get work done, all data in one place, and efficiencies that will increase the productivity of a company tenfold. Hold a video meeting that is recorded for others who are on the other side of the world to view when they awake. Have true handoffs that everyone within the activity can see. Have access to all documents for everyone so that no one is searching for anything again. The list is endless.
I’ve just scratched the surface regarding the new transformation and the new world of what can be. I truly look forward to being a part of the Abacus collaboration and to seeing the fuel that this will add to their organization.
If you’re interested in reviewing how a Use Case implementation can help your business, contact us at [email protected]. Let us help you to achieve “what’s possible”.
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