The Institutes
RiskStream Collaborative (
formerly RiskBlock) has
researched the financial impact of insurance blockchain adoption. The consortium boasts 38 insurers, reinsurers and brokers. RiskStream is getting ready to launch its
first two solutions for proof of auto insurance and first notice of loss (FNOL) following a car accident. The estimated savings of the two solutions for the industry is up to $277 million in year three.
“By implementing blockchain applications in the U.S. market, and taking the RiskStream Collaborative’s network growth into account, members could save between $19 million and $68 million in the first year of use, between $60 million and $190 million in year two, and between $99 million and $277 million in year three,” said Pat Schmid, RiskStream VP.
The predicted savings assume growing adoption of the applications by RiskStream’s members, with rates in the first three years of 22%, 59% and 80%.
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