The RiskStream Collaborative's FNOL Data Sharing Application Attracts Interest from Personal Auto Executives
MALVERN, Penn. (PRWEB) November 30, 2021
The Institutes RiskStream Collaborative™, the risk management and insurance industry's largest enterprise-level blockchain consortium, announced the development of its first notice of loss data sharing of loss data sharing application to a community of CEOs and claims executives over the summer. In total, 18 carriers, representing 72% of the personal auto industry, participated in one of the two sessions. The discussions included an overview of the application, a demo and a review of potential benefits for permissioned loss data exchange between insurance carriers.
As it stands today, carrier to carrier data sharing of a first notice of loss (FNOL) can be resource intensive and time consuming. The sessions highlighted a new feature of the FNOL data sharing application which enables liability determination in instances where both parties completely agree who is at fault. This feature allows firms to reduce the time spent on multi-party communication related to liability determination, thereby improving operational efficiency and leading to cycle time reduction. Along with the simple liability determination feature, RiskStream's FNOL data sharing application provides a means for carriers to automate the carrier to carrier sharing of loss information, expedite the claims intake process with their policyholder and reduce the need to pay data intermediaries for claims pre-fill information.
Key to the success of the product rollout is broad engagement with the industry, as benefits of the FNOL Data Sharing application multiply with greater company participation. To expand awareness, the RiskStream Collaborative met with personal auto claims executives in June. Following that, The Institutes held a CEO Summit in September, which focused on encouraging adoption and discussing downstream personal auto use cases.
"RiskStream's FNOL data sharing application is a first step towards blockchain-enabled multiparty business transformation within the personal auto space," said Bill Keogh, RiskStream's Non Executive Chair. "Ensuring organizational leaders are behind this is vital to its success as blockchain technology is largely reliant on group participation. The level of interest in RiskStream's recent meetings demonstrates industrywide interest and support".
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
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