CSAA Insurance Group Joins the Institutes RiskStream Collaborative

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 plan to involve 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 involve 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 industry stakeholders,member companies 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 newly formed collaboration aims to bring its lead use cases, mostly in personal auto to production by this year. The values of these applications will grow as the network expands as well as to connect insurance-oriented organizations.

 

Share

Related

Insure on to Offer its Rating and Quoting Technology to Insurance Brokerages

Insureon—one of the largest independent agency for the online...

Voxel51 Raises $12.5 Million in Series A Financing; Plans to Scale Up Proprietary Platform and Expand Workforce

Human beings have proven themselves to be good at...

Conceiving a Multi-Billion Dollar Entry into the Cloud

The human arsenal might be expansive beyond all limits,...

Making Good Health Affordable

Drug pricing has long been a topic of fierce...

How did the insurance industry perform in 2020?

Like in every other industry, the New Year brings...

Conceiving a Whole New Framework for Energy Consumption

A human skill-set is loaded with value in every...

A Crypto Robbery of Enormous Implications

While our achievements as a society will always remain...

Five Trends Are Driving Continued Automation Growth

Over the past few years, businesses have rushed to...

The Havoc-Causing Raccoon

It’s not really an unknown fact that we are...

Latest

No posts to display

No posts to display