The Institutes RiskStream Collaborative™ and LIMRA have announced that eight companies have joined the life and annuity sector of the risk management and insurance industry’s first enterprise-level blockchain consortium by 20 May. Seven additional companies have also joined the property and casualty sector, bringing the total number of member companies to 39.
The Institutes, a leading provider of risk management and insurance education and research, launched the not-for-profit consortium in 2017, and in 2018 partnered with LIMRA, the largest global research trade association for the life insurance and financial services industry, the life, annuity and retirement sector, to support the life and annuity sector.
The RiskStream Collaborative is building blockchain solutions that will 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
- Prudential Financial, Inc.
- Securian Financial
*Also property and casualty members.
New members in the property and casualty sector include:
- 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 are now 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, which will provide real-time notification to members of the death of life insurance and annuity policyholders.
Serving the industry since 1916, LIMRA, a worldwide research, consulting and professional development organization, is the trusted source of industry knowledge, helping more than 600 insurance and financial services companies in 64 countries.
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative is the risk management and insurance industry’s first enterprise-level blockchain consortium that is developing insurance-specific use cases via Canopy a custom blockchain architecture. The RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies and open new technological frontiers. TheInstitutes.org/riskstream
About The Institutes
The Institutes, a leading provider of risk management and insurance knowledge solutions, offers 28 professional and associate designations, including the Chartered Property Casualty Underwriter (CPCU®) program. In addition, The Institutes provides introductory, foundation, and leadership programs; online and continuing education courses; custom solutions; and assessment tools. CPCU is a registered trademark of The Institutes. All rights reserved.