Eight companies have joined the life and annuity sector of The Institutes RiskStream Collaborative, the risk management and insurance industry's enterprise-level blockchain consortium. Seven additional companies also have joined the property and casualty sector, bringing the total number of member companies to 39.
The Institutes launched the not-for-profit consortium in 2017 and in 2018 partnered with LIMRA to support the life and annuity sector.
The RiskStream Collaborative is building blockchain solutions intended to lower industry transaction costs, improve the customer experience, and increase the speed and security of data transfers among customers, industry stakeholders, and third parties.
New members in the life and annuity sector include:
- American Family Life Insurance Company*
- American Fidelity Corporation
- Horace Mann Educators Corporation*
- John Hancock
- Nationwide*
- Prudential Financial, Inc.
- Securian Financial
- USAA*
*Also property and casualty members.
New members in the property and casualty sector include:
- Aon
- CNA Financial Corporation
- Everest Reinsurance Company
- Extraordinary Re
- The Hartford
- The Norfolk & Dedham Group
- Selective Insurance Company of America
“We are especially excited to announce new members in the life and annuity sector, as part of our partnership with LIMRA,” said Christopher McDaniel, president of the RiskStream Collaborative. “Blockchain becomes exponentially more powerful as more organizations connect to it, and expanding our use cases to support members in life and annuity companies will allow for even greater opportunities to reduce fraud and improve consumer satisfaction.”
RiskStream Collaborative members now are testing blockchain-based applications, including a proof of insurance application, and a first notice of loss data-sharing process. In the life and annuity sector, RiskStream Collaborative members and LIMRA are developing “Mortality Monitor,” intended to provide real-time notification to members of the death of life insurance and annuity policyholders.
Learn more: TheInstitutes.org/riskstream.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].