The Institutes RiskStream CollaborativeTM Announces EY as Blockchain Security and Risk Services Provider
Global professional services organization EY will help non-profit consortium evaluate the security of its blockchain applications for insurance industry
MALVERN, Pa., August 20, 2018—The Institutes RiskStream CollaborativeTM, the first blockchain consortium for the risk management and insurance industry, announced today that EY will serve as a primary service provider for blockchain-specific cybersecurity and risk management guidance. These services are part of the 30-member consortium’s efforts to implement and test multiple insurance use cases by the end of 2018.
“We expect that the risk and controls guidance and cybersecurity testing services EY is developing will not just be critical to the success of the RiskStream Collaborative, but likely will help set the standard for industry-leading practices for blockchain enterprise,” said Christopher G. McDaniel, president of The Institutes RiskStream Collaborative.
EY will collaborate with the RiskStream Collaborative to identify risks unique to its blockchain, identify leading practice controls, and provide blockchain-specific cybersecurity assessments and testing.
“The Institutes have been a long-term knowledge leader and non-profit partner to the insurance and risk management industry. It makes sense that they are leveraging that strength of reputation and stability to help steer the industry into a new, uncertain and yet exciting future as an industry,” said David Hollander, EY Global Insurance leader. “We're proud to be pioneers together and teaming to address industry issues."
Through its blockchain-based applications and tools, RiskBlock seeks to better serve policyholders and reduce industry and consumer costs by streamlining payments, reducing fraud and improving the accuracy of customer data. The RiskStream Collaborative has identified more than 40 uses cases and is ready to implement and test the following:
A proof-of-insurance application that allows drivers and law enforcement to confirm insurance coverage in real time, without relying on paper forms
A first notices of loss data sharing process, which will create a more streamlined experience for both consumers and business
A subrogation tool that uses blockchain-enabled smart contracts to facilitate the netting of consortium members’ payments, reducing manual processes and creating efficiencies in the payment and accounting of claims processing
A parametric insurance application to automate the claims process, utilizing a weather oracle and smart contracts
Since its launch in July 2017, 30 global insurers, reinsurers and brokers have joined the RiskStream Collaborative. More information, including details on how interested organizations can join, is available at TheInstitutes.org/riskstream.