The Institutes RiskStream Collaborative and LIMRA have added 15 insurance and reinsurance firms to their blockchain consortium. RiskStream develops blockchain-based solutions to lower transaction costs in the industry, streamline customer experience, and boost data transfer speed and security. In a press release, the Institute for Risk Analysis (IRA) said that it is pleased with the addition of these new insurers as they will help increase transparency around risk management practices within the industry. The consortium is currently testing blockchain-based application systems, such as proof of insurance and first loss of data.
The Institutes RiskStream Collaborative and LIMRA have added 15 insurance and reinsurance firms to their blockchain consortium. RiskStream develops blockchain-based solutions to lower transaction costs in the industry, streamline customer experience, and boost data transfer speed and security. Members joining the consortium include Aon, CNA Financial, Everest Re, The Hartford and USAA, among others. The consortium is currently testing blockchain-based application systems, such as proof of insurance and first loss of data.