On October 4, RiskStream (formerly RiskBlock) announced new appointments to its U.S. Life & Annuity Advisory Board. The blockchain consortium has appointed Eric Henderson, President of Nationwide Annuity, and Bob Bastian, CIO of Individual Solutions Group at Prudential Financial, as Chair and Vice-Chair respectively to the advisory board.
RiskStream is a part of U.S. insurance education body The Institutes, which mainly active in the property and casualty sector. In 2017, the consortium partnered with LIMRA for expertise in the life and annuities sector. The two are working on a blockchain-based credentialing platform and death notification system dubbed as a “Mortality Monitor.”
A few months ago, the RiskStream Collaborative U.S. Life & Annuity Advisory Board unanimously voted to select licensing and appointments as its next target area. The focus of RiskStream on life and annuity insurance is clear from the recent appointments of top executives from the sectors.
“Both Eric and Bob bring a diverse range of expertise that is essential to our vision, and we know RiskStream Collaborative’s life & annuity advisory board will make great strides under their leadership,” said Christopher McDaniel, President of RiskStream Collaborative.
Earlier this year, RiskStream announced that Bastian’s firm Prudential, John Hancock and six other insurers signed up for its life insurance blockchain. The aim is to enable companies to meet regulatory requirements and identify and prevent fraud.
Among other blockchain projects, the consortium is scheduled to launch its first two solutions for proof of auto insurance and first notice of loss (FNOL) following a car accident. RiskStream said the estimated savings of the solutions could be up to $277 million by the third year.
The consortium is also working with Aon and Guy Carpenter, a subsidiary of Marsh & McLennan Companies, for a blockchain reinsurance solution.