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Seven insurance industry firms have joined the property/casualty sector of The Institutes’ RiskStream Collaborative, the organization said in a statement Monday.
The RiskStream Collaborative, part of Malvern, Pennsylvania-based The Institutes, is using blockchain to help lower industry transaction costs, improve the customer experience, and increase the speed and security of data transfers among customers, industry stakeholders and third parties, the statement said.
The new members in the property and casualty sector are Aon PLC, CNA Financial Corp., Everest Reinsurance Co. Ltd., Extraordinary Re, Hartford Financial Services Group Inc., The Norfolk & Dedham Group and Selective Insurance Co. of America, the statement said.
Eight companies also joined the life and annuity sector, bringing the total number of member companies to 39, the statement said.
RiskStream Collaborative members are now testing blockchain-based applications, including a proof of insurance application, and a first notice of loss data-sharing process, the statement said.
“Blockchain becomes exponentially more powerful as more organizations connect to it,” Christopher McDaniel, president of the RiskStream Collaborative, said in the statement.
MIAMI — The information sharing and collaboration that blockchain technology fosters should lead to improved risk assessment processes, insurance and technology experts say.