Arbol and The Institutes RiskStream Collaborative Announce Strategic Partnership to Transform Parametric Insurance
Collaboration to harness blockchain technology to streamline parametric loss calculations and enhance transparency in the insurance industry
Arbol and RiskStream's collaboration aims to leverage blockchain technology to streamline data flow, increase transparency, and enable rapid payouts in parametric insurance and reinsurance programs, addressing the challenges in managing seasonal and catastrophic climate risks, such as major storms and hurricanes.
The partnership between Arbol and RiskStream Collaborative will initially focus on developing an innovative, blockchain-driven parametric solution for the insurance industry. This solution will enhance trust and collaboration among all parties involved. It could be extended to non-parametric insurance solutions for reinsurance programs, harnessing the unique value of smart contracts and DLTs.
"We are excited to welcome Arbol into the collaborative as a solution provider. Their work in the parametric (re)insurance space opens the door for our producer, carrier/cedent and reinsurer members to leverage their automated solutions," said
The strategic partnership between Arbol and The Institutes RiskStream Collaborative seeks to create significant value for the insurance industry by showcasing the power of blockchain technology and decentralized data storage. The collaboration is committed to delivering cutting-edge solutions that address current industry challenges while paving the way for future advancements in parametric insurance and beyond.
About Arbol
Arbol is a global climate-risk coverage platform and FinTech company offering full-service solutions for any business looking to analyze, manage, and transfer climate risk. Arbol's products offer parametric coverage based on objective data triggers rather than a subjective loss assessment. Arbol's key differentiator versus traditional InsureTech, or climate- analytics platforms, is the complete ecosystem it has built to address climate risk. This ecosystem includes a massive, climate-data infrastructure, scalable product development, automated, instant pricing–using an artificial intelligence underwriter–blockchain-powered operational efficiencies, and non-traditional risk capacity bringing capital from non-insurance sources. By combining all these factors, Arbol brings scale, transparency, and efficiency to parametric coverage in stark contrast to the oligopoly of reinsurers currently dominating the climate-risk insurance space.
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 Institutes RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers.
Contact: press@arbol.io
SOURCE Arbol
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