Yesterday the RiskBlock Alliance announced a name change to The Institutes RiskStream Collaborative. The update to the insurance consortium’s name indicates an expansion of technologies beyond blockchain to include other InsurTech solutions. Additionally, RiskStream’s chosen blockchain technology, R3’s Corda, technically is not a blockchain but a distributed ledger technology (DLT). The “stream” terminology is an abbreviation streamlining processes.
For most financial services organizations, including the insurance sector, new technologies such as A.I., the Internet of Things (IoT) and blockchain represent a trifecta of enormous technological upheaval.
“Our new name – RiskStream Collaborative – allows us to emphasize our consortium’s objective around creating solutions to remove barriers and make the risk management and insurance industries run more smoothly,” said Christopher McDaniel, president of the RiskStream Collaborative.
“Ultimately, the work we’re doing with our member organizations will not only add efficiencies for both risk management organizations and the risk management practices of companies everywhere, but it will also improve the lives of their customers.”
The consortium now has more than 50 member organizations. It started in the U.S. and is expanding in Canada, the U.K. and the Asia Pacific.
RiskStream’s Canopy platform provides a foundation layer of a policy and a claims DLT. On top of that multiple applications are in development. The first two use cases in final testing with six insurers are Proof of Insurance and First Notice of Loss applications.