The Institutes RiskStream Collaborative®, the risk management and insurance industry’s largest enterprise-level blockchain consortium, marks the successful testing of the first notice of loss (FONL) data-sharing application by eight consortium members; testing verified the real-time, accurate, and secure exchange of loss data between member companies on the RiskStream Canopy 3.0 blockchain network
Malvern, PA (Aug. 10, 2021) – The Institutes RiskStream Collaborative™, the risk management and insurance industry’s largest enterprise-level blockchain consortium, is pleased to announce the successful testing of the first notice of loss data sharing application by eight consortium members. The testing verified the real-time, accurate, and secure exchange of loss data between member companies on the RiskStream Canopy 3.0 blockchain network.
Carrier to carrier data sharing of a first notice of loss (FNOL) can be resource intensive and time consuming. The FNOL data sharing application facilitates the early and accurate notice of loss data exchange between the relevant carriers’ claims systems, reducing members claims cycle time and handling costs. The system was designed based on member inputs to be intuitive, blend easily into existing business processes and environments, and run on a platform that can be set up quickly and easily updated. Users can 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.
“CSAA was delighted to be part of the successful FNOL testing, which has confirmed the value of the data-sharing application and the distributed technology it’s based on,” said Aric DeAguero, Service Director, CSAA Insurance Group. “We appreciate the opportunity to participate in the ongoing development of the application, and we are looking forward to continued adoption within the Insurance industry for more fluid information-sharing.”
“Ohio Mutual is proud to be part of the groundbreaking member-to-member testing process that confirmed the game-changing value of using distributed ledger technology during first notice of loss. This experience clearly demonstrated the potential time savings when claim representatives instantly receive the information they need to manage claims in a trustworthy and secure manner,” according to Kate Dodson, Ohio Mutual Claims Operations Leader. “As more carriers develop the confidence to embrace this technology, we will all reap the benefits of eliminating current manual processes of information-sharing that are necessary when two or more carriers are involved on the same claim.”
Given the wide interest from membership in testing RiskStream’s FNOL data sharing app, efforts have been underway to engage the entire personal auto insurance market. In early June, RiskStream held an FNOL Data Sharing summit and series of follow-up discussions. These sessions were attended by claims executives and other leaders from all Top 10 personal auto insurers, as well as other interested carriers.
“Enterprise blockchain is a team sport. The industry has worked very hard to design and create this FNOL data sharing solution on a secure, scalable blockchain framework that meets industry security requirements, including SOC2 and ISO compliance,” said Bill Keogh, Non-Executive Chair of the RiskStream Collaborative. “Now that we’ve reached the point of integration, we are all very excited about market adoption so member companies can reap the benefits.”
About The Institutes RiskStream Collaborative™
Industry leaders are joining forces to unlock the potential of blockchain. The RiskStream Collaborative is the risk management and insurance industry’s first enterprise-level blockchain consortium that is developing insurance-specific use cases via Canopy, a custom blockchain architecture.. For more information, please visit riskstream.org.
SOURCE: The Institutes RiskStream CollaborativeTags: blockchain, industry first