Consortiums like RiskStream will help us work with our peers to build industry-standard blockchain solutions and foster their widespread adoption.
MALVERN, Pa. (PRWEB) January 21, 2021
The Institutes RiskStream Collaborative™, the risk management and insurance industry’s largest enterprise-level blockchain consortium, announced that CSAA Insurance Group recently joined the consortium and plans to engage as a lead member within personal auto use cases in 2021. The AAA insurer will join the First Notice of Loss (FNOL) data sharing working group with a goal to engage in member-to-member testing of the FNOL data sharing application. The FNOL data sharing application aims to streamline the flow and verification of FNOL data amongst the RiskStream network of member companies after a personal auto accident.
“Blockchain and broader distributed ledger technology becomes exponentially more powerful as more organizations connect to it,” said Christopher McDaniel, President of the RiskStream Collaborative. “The onboarding of CSAA Insurance Group and their leadership within the FNOL working group brings us one step closer to the scale blockchain needs to transform the industry and greatly enhance customer experience within insurance.”
The RiskStream Collaborative seeks to leverage blockchain to lower industry transaction costs while increasing the speed, accuracy and security of data transfers among member companies, industry stakeholders, and third parties. The RiskStream Collaborative offers insurance solutions for personal lines, commercial lines, reinsurance and life & annuities sectors. Members (carriers, producers, or reinsurers) lead all areas of RiskStream’s governance and activity.
“We believe that blockchain can be a transformative technology when it comes to insurance industry use cases,” said Debbie Brackeen, executive vice president and chief strategy & innovation officer, CSAA Insurance Group. “Blockchain solutions will help us securely exchange data with other insurance carriers, as well as automate manual interactions between us while removing the need for intermediaries. Consortiums like RiskStream will help us work with our peers to build industry-standard blockchain solutions and foster their widespread adoption.”
CSAA Insurance Group is also a longstanding member of the Insurance Information Institute, which was recently acquired by The Institutes.
The RiskStream Collaborative aims to bring its lead use cases, mostly in personal auto, to production in 2021. The value of these applications will grow as the network expands, so another goal for 2021 is for RiskStream to expand its network of members and connect insurance-oriented organizations.
About CSAA Insurance Group
CSAA Insurance Group, a AAA Insurer, offers automobile, homeowners and other personal lines of insurance to AAA Members through AAA clubs in 23 states and the District of Columbia. Founded in 1914, the company has been rated “A” or better by A.M. Best for more than 90 years, and is one of the top personal lines property casualty insurance groups in the United States, according to the National Association of Insurance Commissioners. The company has been repeatedly named one of the 50 most community-minded companies in America by Points of Light. More information is available at http://csaa-insurance.aaa.com and on social media (Facebook, Twitter, LinkedIn, Instagram).
About The Institutes RiskStream Collaborative™
The Institutes RiskStream Collaborative™ is the risk management and insurance industry’s first enterprise-level blockchain consortium that brings together experts and developers to advance insurance-specific use cases via Canopy, a custom blockchain architecture. The RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers.
About The Institutes | Risk and Insurance Knowledge Group
The Institutes, the leading provider of risk management and insurance knowledge education and solutions, offer professional designations, including the CPCU® program. In addition, The Institutes provide introductory, foundational, and leadership courses and programs; online and continuing education courses; custom solutions; events and conferences; online and print news platforms; assessment tools; and research reports.
CPCU is a registered trademark of The Institutes. All rights reserved.