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

Americo, Covr Financial Technologies and SCOR Join Forces to Launch a New Insurance Product

Americo Financial Life, Covr Financial Technologies (Covr) and Annuity...

Sports Taking the Tech Route

Rarely, we see a creation that ends up forming...

A Timely Coalition

If we go through all the human obligations for...

Tidying the Roads

In life, it is really important for us to...

Grocery-Buying Just Got Modernized

Human beings have a known ability to scale up...

A Journey To The Golden Record

Master Data Management, three simple words, yet a term...

So, You Want to Own the Data Agenda?

Data is a tech problem, and you have tech...

Codenotary Secures $12.5 Million in Series B; Plans Global Expansion

Even though it might get uncomfortable at times, living...

How Digitization and Automation is Meeting the Pharmaceutical Industry’s Need for Greater Manufacturing Capacity

In the pharmaceutical manufacturing industry, both the drug manufacturing...

Latest

No posts to display

No posts to display