Eighteen Risk Management and Insurance Companies Join The Institutes RiskStream CollaborativeTM
Members include insurers, agencies, brokerages, and reinsurers with national and worldwide presence
MALVERN, Pa. – February 15, 2018—The Institutes RiskStream CollaborativeTM announced today that 18 companies have joined the risk management and insurance industry’s first enterprise-level blockchain consortium. The RiskStream Collaborative seeks to leverage the blockchain to lower industry transaction costs while increasing the speed and security of data transfers among customers, industry stakeholders, and third parties.
The Institutes, a leading provider of risk management and insurance education and research, launched the consortium in 2017. Initial members represent the property-casualty industry sector. In partnership with LIMRA, the RiskStream Collaborative will expand to the life, annuity and retirement sectors later this year.
Current RiskStream Collaborative members include insurers, brokerages and reinsurers serving customers in the United States and abroad, including:
- American Agricultural Insurance Company
- American Family Insurance
- Erie Insurance
- Farmers Insurance
- The Hanover Insurance Group
- Horace Mann Educators Corporation
- Liberty Mutual Insurance
- Munich Reinsurance America, Inc.
- Nationwide Insurance
- Ohio Mutual Insurance Group
- Penn National Insurance
- State Automobile Mutual Insurance Company
- United Educators
“We’ve been tracking the potential of blockchain technology for years, so it’s incredibly exciting to announce our first wave of members,” says RiskStream Collaborative Executive Director Christopher McDaniel. “With the support of this broad range of industry partners, the RiskStream Collaborative will shepherd collaborative blockchain advancement in the insurance and risk management field, which will have a widespread impact on our industry and consumers alike.”
Upon its inception, the RiskStream Collaborative began developing multiple blockchain use cases within a scalable enterprise-level architecture. The first use case, a tool designed to establish proof of insurance, was delivered in partnership with Nationwide in December 2017. RiskStream Collaborative members are currently evaluating this tool for wider roll out.
The RiskStream Collaborative held its semi-annual in-person working meeting in January 2018 in Malvern, PA, with broad representation and participation from nearly all members. Participants finalized requirements for additional existing use cases focused on first notice of loss, subrogation and parametric insurance. The RiskStream Collaborative plans to bring each to some form of production in early 2018. The members also brainstormed on new use cases, which will be prioritized and brought to production in late 2018.
Other operational areas primed for blockchain disruption include claims processing, negotiation and settlement, investigation, and regulatory reporting.
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