The Institutes RiskStream CollaborativeTM Names Executive Director, Vice President
MALVERN, Pa., —The Institutes today announced that Christopher Grant McDaniel, former head of Deloitte Consulting’s insurance blockchain efforts, will serve as executive director of The Institutes RiskStream Collaborative™, the risk management and property-casualty insurance industry’s first enterprise-level blockchain consortium. Patrick G. Schmid, PhD, an established thought leader for The Institutes in the blockchain and insurance space, now serves as vice president of the RiskStream Collaborative.
Both men aim to strengthen the role of the RiskStream Collaborative as a driving force behind implementing blockchain across property-casualty insurance, life and health insurance, and annuities sectors, with the ultimate goal of lowering costs, improving the customer experience and driving efficiencies.
McDaniel will lead the effort, working closely with industry executives and other stakeholders to forge key industry partnerships, identifying the best opportunities to leverage blockchain technology across all insurance sectors, and driving the industry-wide buy-in needed to improve processes and reduce costs. Schmid will coordinate the RiskStream Collaborative consortium of insurers, brokers, reinsurers and third-party administrators. He will oversee and collaborate with industry working groups to develop and produce blockchain-based proof-of-concept applications.
“We’re truly building an industry-wide movement made up of providers, industry groups, educators and others, and we couldn’t be happier to expand Pat’s role and bring Christopher on board to lead our efforts,” said Peter L. Miller, CPCU, president and CEO of The Institutes. “I’m confident Christopher will build the partnerships and initiatives that will create clarity and excitement around blockchain applications in the insurance industry. And I’m already looking forward to the exciting new ideas and blockchain applications Pat and his team continue to develop.”
McDaniel brings more than 25 years of experience in financial services industries to his new role as executive director. He previously led Deloitte Consulting’s insurance blockchain efforts and was instrumental in defining the first insurance industry-wide enterprise blockchain approach. McDaniel holds a Master of Business Administration degree from Keller Graduate School of Business.
“Blockchain represents a revolutionary opportunity for the insurance industry,” McDaniel said. “I’m eager to speak with future partners and help guide this technology from an abstract concept to an everyday part of our lives.”
Schmid previously led The Institutes' Enterprise Research Department, which includes a team of data scientists and researchers who develop analytical solutions and market insights. He has also served as director of research for the Insurance Research Council, a division of The Institutes. Schmid has a PhD and a master’s degree in economics from Temple University.
“Blockchain technology has fascinated me since I first learned of cryptocurrencies in the early 2010s—although I didn’t immediately see the connection with my career in insurance,” Schmid said. “More recent blockchain advances, including smart contracts and permissioned blockchains, helped me to recognize the impact that blockchain technology will have on the insurance world. In the working groups, we’re teaming up with first-rate knowledge partners to define what that impact will be. It’s an exciting role to play.”