RiskStream Collaborative's Successful Testing of Blockchain-Based Loss Data Exchange

The Institutes RiskStream Collaborative™, a large enterprise-level blockchain consortium in the risk management and insurance industry, faced a challenge with the carrier to carrier data sharing of a first notice of loss (FNOL). This process was resource-intensive and time-consuming, leading to increased claims cycle time and handling costs. The consortium needed a solution that would facilitate early and accurate notice of loss data exchange between the relevant carriers’ claims systems. The solution had to be intuitive, easily blend into existing business processes and environments, and run on a platform that could be set up quickly and easily updated. It also needed to allow users to create, update, and match loss records with another network participant in a permissioned manner, privately sharing information and reducing data reconciliation issues between disparate data systems.

The customers in this case study are the members of The Institutes RiskStream Collaborative™, which is the risk management and insurance industry’s largest enterprise-level blockchain consortium. These members include companies like CSAA Insurance Group and Ohio Mutual. These companies are involved in the risk management and insurance industry and are interested in solutions that can improve the efficiency and accuracy of their operations, particularly in the area of loss data exchange. They are forward-thinking companies that are open to adopting new technologies, such as blockchain, to improve their operations and services.