Today The Institutes RiskStream Collaborative announced its working on a blockchain proof of insurance verification tool with Liberty Mutual, Nationwide and other consortium members. Consider how construction companies or contractors are required to show they have insurance cover and the need to verify the coverage is up-to-date.
Insurtech startup Trustlayer is a partner in the project providing robotic process automation to digitize the insurance certificate data in a standardized way. In April last year, Trustlayer won The Institutes Insurtech award for its work on certificates of insurance (COI). It also won a similar award from enterprise blockchain firm R3 in late 2019.
The Proof of Concept (PoC) follows earlier work on COI as part of RiskStream Labs, which also included the Blockchain for Energy consortium (formerly OOC) during the exploratory phase. Since then the requirements have been more clearly defined.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
