John Hancock Financial has started to use blockchain to find out how distributed ledger technology could reinvent established insurance industry processes.
John Hancock’s Lab of Forward Thinking (LOFT) has recently announced a partnership with ConsenSys and BlockApps in the LOFT’s first Ethereum blockchain proof of concept (PoC). The LOFT will apply blockchain technologies to enhance the on-boarding of new wealth management clients in order to enhance one of the critical drivers of customer satisfaction.
“Our goal is to simplify and enhance the customer experience when they first begin doing business with us. In the wealth management business this involves not only satisfying customers, but regulatory and legal aspects as well,” said Ace Moghimi, Assistant Vice President and Head of Innovation, North America. “We could not have found a better partner than ConsenSys and BlockApps to accelerate our understanding and ability to build out applications leveraging blockchain.”
John Hancock Financial launched the LOFT in 2015. The lab is a 6,500 square foot space located at its Seaport area headquarters in Boston’s “Innovation District,” devoted to a culture of innovation and creativity within all facets of the organization. LOFTs are keys to the development of new ways to fulfill the company’s customer-centric strategy. New LOFTs are being opened around the world to further partnership and devise new forward-thinking technology solutions for the company’s various wealth and asset management and insurance business lines.
“The LOFT group is a model example of innovation within the enterprise: bright, enthusiastic teams tasked with understanding new technologies and who aren’t afraid of getting their hands dirty by building prototypes. We are incredibly enthusiastic about John Hancock’s commitment to the blockchain ecosystem and we look forward to continued collaboration as LOFT builds smart contract based platforms,” said Igor Lilic, Principal Technical Lead of ConsenSys Enterprise.
“LOFT is just that – an organization focused around forward thinking. They are building the technical knowhow and internal stakeholder support that will allow John Hancock to be a disruptor rather than a disruptee as the blockchain revolution materializes. We are extremely enthusiastic about our partnership with LOFT,” said Kieren James-Lubin, Chief Product Officer of BlockApps.
About John Hancock Financial
John Hancock Financial, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance.