Yesterday, RiskStream (formerly RiskBlock) announced the completion of a production test of its blockchain platform Canopy. The trial involved streamlining the First Notice of Loss process.
The test was carried out using multiple scenarios involving a two-car accident. RiskStream members used Canopy to trial the viability of blockchain for an insurance claim. The test demonstrated the use of the Canopy platform for transactions between carriers and brokers.
“Chubb, Marsh and other significant industry players’ contributions in production testing of our Canopy framework and initial personal lines applications is a monumental step toward the successful adoption of this industry-changing blockchain technology,” said Christopher McDaniel, President of The Institutes RiskStream Collaborative.
Last year, the consortium launched its Canopy 2 blockchain insurance platform. Back then, RiskStream said it was working on two specific use cases. The focus was on the “Proof of Insurance” and “First Notice of Loss” applications. With the completion of this test, one use case seems close to being ready for production.
McDaniel added: “The production test confirmed that transactions can be securely and successfully sent and received within Canopy by multiple RiskStream Collaborative members.”
The Canopy platform is underpinned by R3’s Corda and provides policy and claims blockchain. Using policy blockchain, other apps can build more use cases.
RiskStream is a part of the U.S. insurance education body The Institutes, which is primarily active in the property and casualty sector. The consortium partnered with LIMRA in 2017 for expertise in the life and annuities sector. The two are working on a blockchain credentialing platform and death notification system.
A few months ago, RiskStream announced that Bastian’s firm Prudential, John Hancock and six other insurers signed up for its life insurance blockchain.
Meanwhile, the consortium has also dipped its toes in the reinsurance sector. It is working with Aon and Guy Carpenter, a subsidiary of Marsh & McLennan Companies, for this purpose.