RiskStream tests blockchain proof of insurance
With assistance from Country Financial and another insurer, The Institutes RiskStream Collaborative successfully completed member-to-member testing of its personal lines auto proof of insurance application. The RiskStream Collaborative is the risk management and insurance industry’s largest enterprise-level blockchain consortium.
During the test, COUNTRY Financial successfully verified proof of insurance information and related data with another insurance carrier. The app aims to create a contact-free process for exchanging information between policyholders and presenting information to a third party, like a law enforcement official, following an accident. The goal of the app is to allow customers to share proof of insurance electronically, in real time, through an access key or QR code, instead of producing a traditional paper insurance card. Unlike a paper card, this aims to allow for real-time verification of insurance coverage, including up-to-the minute updates to the policy itself. The verification of policyholder information can then be stored as an event in a secure app node for future retrieval, allowing insurers to gather additional data points and use to enhance the customer experience during a claim.
“We are proud to be part of this project and others with the RiskStream Collaborative, which present a potential transformation in the way our clients interact with us and others during their time of need. Blockchain is a trusted and secure source of information sharing that will truly enrich lives through ease of use and reliability.” – Andrew Mizell, enterprise innovation project lead at COUNTRY Financial.
“Our proof of insurance app moves us toward an improved and contact-free insurance experience for drivers. Not only will it enhance the currently cumbersome and unreliable insurance exchange process, but it does so while eliminating contact between parties. In the wake of COVID-19, more consumers are seeking and using contact-free technology to conduct transactions. This type of blockchain solution can make that possible.” – Christopher McDaniel, president of the RiskStream Collaborative.
The personal lines auto proof of insurance application test, completed July 24, is the latest in a series of progressive milestones for Canopy, the custom blockchain architecture including development testing in February 2019, production readiness in June 2019, member testing of a first notice of loss app in September 2019, and SOAK performance testing in early 2020.