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

• Application Infrastructure & Middleware - Blockchain
• Application Infrastructure & Middleware - Event-Driven Application

• Automotive
• Finance & Insurance

• Product Research & Development
• Quality Assurance

• Experimentation Automation
• Usage-Based Insurance

• System Integration
• Testing & Certification

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.

RiskStream Collaborative developed and successfully tested a FNOL data sharing application. This application was tested by eight consortium members and verified the real-time, accurate, and secure exchange of loss data between member companies on the RiskStream Canopy 3.0 blockchain network, running on Kaleido, an enterprise blockchain platform. The FNOL data sharing application 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. The application has been well received by the consortium members, with companies like CSAA Insurance Group and Ohio Mutual expressing their satisfaction and anticipation for the continued adoption of the application within the insurance industry.

• The successful testing of the FNOL data sharing application has confirmed its value and the potential of the distributed technology it is based on. The application has been well received by the consortium members, with companies expressing their satisfaction and anticipation for the continued adoption of the application within the insurance industry. The application has demonstrated the potential time savings when claim representatives instantly receive the information they need to manage claims in a trustworthy and secure manner. It has also shown the benefits of eliminating current manual processes of information-sharing that are necessary when two or more carriers are involved on the same claim. The successful testing has also sparked interest from the entire personal auto insurance market, leading to a series of discussions and a summit on FNOL Data Sharing.

• Real-time exchange of loss data between member companies

• Reduced claims cycle time

• Lowered handling costs