Aon, CNA, Everest Re and Hartford among 15 new members joining blockchain consortium

Seven insurance firms have joined the property and casualty sector of The Institutes RiskStream Collaborative, an organisation testing blockchain-based applications, including a proof of insurance, and a first notice of loss data-sharing process.

RiskStream Collaborative members are building blockchain solutions aimed at lowering industry transaction costs, improving the customer experience, and increasing the speed and security of data transfers among customers, industry stakeholders, and third parties.

The new members in the property and casualty sector are Aon, CNA Financial Corporation, Everest Reinsurance Company, Extraordinary Re, The Hartford, The Norfolk & Dedham Group, and Selective Insurance Company of America.

Eight additional companies have joined the life and annuity sector, including American Family Life Insurance Company, American Fidelity Corporation, Horace Mann Educators Corporation, John Hancock, Nationwide, Prudential Financial, Securian Financial, USAA.

The Institutes, a provider of risk management and insurance education and research, launched the not-for-profit consortium in 2017, and in 2018 partnered with LIMRA, a research trade association for the life insurance and financial services industry, the life, annuity and retirement sector, to support the life and annuity sector.

In the life and annuity sector, RiskStream Collaborative members and LIMRA are developing mortality monitor, which will provide real-time notification to members of the death of life insurance and annuity policyholders.

Earlier in May, brokers Aon and Guy Carpenter, along with industry partners including RenaissanceRe and Everest Re, announced their partnership with The Institutes RiskStream Collaborative to streamline the reinsurance placement process using distributed ledger technology (DLT).

Christopher McDaniel, president of the RiskStream Collaborative, said: “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.”

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