Eight Members of The Institutes RiskStream Collaborative® Successfully Exchange Loss Data Using Its Blockchain First Notice of Loss (FNOL) Application | New
MALVERN, Pennsylvania., August 10, 2021 / PRNewswire-PRWeb / – The RiskStream Collaborative ™ institutes, the largest enterprise-level blockchain consortium in the risk management and insurance industry, announces the successful testing of the first loss notification data sharing application by eight consortium members. The tests verified the real-time, accurate and secure exchange of loss data between member companies on the RiskStream Canopy 3.0 blockchain network.
Sharing operator-to-operator first notice of loss (FNOL) data can be resource and time consuming. The FNOL data sharing application facilitates early and accurate notification of loss data exchange between affected carrier complaint systems, reducing member complaints cycle time and processing costs. The system was designed based on member input to be intuitive, integrate easily with existing business processes and environments, and operate on a platform that can be configured quickly and easily updated. Users can authorize, create, update, and match loss records with another network participant, sharing information privately and reducing data reconciliation issues between disparate data systems.
“CSAA was delighted to participate in the successful FNOL tests, which confirmed the value of the data sharing application and the distributed technology on which it is based,” said Aric DeAguero, Director of Services, CSAA Insurance Group. “We appreciate the opportunity to participate in the ongoing development of the app, and look forward to continuing to adopt it within the insurance industry for smoother information sharing.”
“Ohio Mutual is proud to be a part of the revolutionary member-to-member testing process that has confirmed the revolutionary value of using distributed ledger technology in the first notice of loss. This experience clearly demonstrated the potential time savings when claims representatives instantly receive the information they need to handle claims reliably and securely ”, according to Kate dodson, chief of Ohio Mutual Claims Operations. “As more carriers develop the confidence to adopt this technology, we will reap the full benefits of eliminating the current manual information-sharing processes that are necessary when two or more carriers are involved in the same claim. . “
Given the great interest shown by members in testing RiskStream’s FNOL data sharing application, efforts have been made to engage the entire personal auto insurance market. In early June, RiskStream hosted an FNOL data sharing summit and a series of follow-up discussions. These sessions were attended by claims managers and other executives from all of the top 10 personal auto insurers, as well as other interested carriers.
“Enterprise blockchain is a team sport. The industry has worked very hard to design and create this FNOL data sharing solution on a secure and scalable blockchain framework that meets industry security requirements, including SOC2 and ISO compliance, “said Bill keogh, non-executive chairman of RiskStream Collaborative. “Now that we have reached the stage of integration, we are all very excited to be adopted by the market so that member companies can reap the benefits.”
Pat schmid, The Institutes RiskStream Collaborative, 6106442100, [email protected]
SOURCE The Institutes RiskStream Collaborative