The Institutes RiskStream Collaborative Announces 2021 Award Winners
The Institutes RiskStream Collaborative™, the risk management and insurance industry’s largest enterprise-level blockchain consortium, recently announced its 2021 Leadership, Collaborator, and Innovator awards. Awards were presented to Auto Club Enterprises, CSAA Insurance Group, Nationwide, Securian Financial, and Liberty Mutual.
The Leadership Award went to both Auto Club Enterprises and CSAA Insurance Group for their exemplary trailblazing in the testing of RiskStream’s First Notice of Loss (FNOL) Data Sharing solution, RapidX. These organizations lead the testing of a decentralized application by using claims systems connected to the RiskStream Canopy Network to verify the loss data exchange between two parties.
“Understanding future trends and technologies is very important to Auto Club Enterprises. By participating in this collaborative effort, we have been able to see how an initial idea can become an actual solution,” said Jason Chong, Product Development and Innovation Manager, Auto Club Enterprises. “The testing allowed us to better understand how blockchain can impact the future of insurance and what it means for both our organization and our insureds. We are honored to be recognized with this award and look forward to working with RiskStream on this and other related initiatives.”
“CSAA is proud to play a leading role in early innovations and concept tests,” said Aric DeAguero, Director, Service, CSAA Insurance Group. “We’re honored to share the Leadership Award with a fellow AAA insurance provider in the successful initial FNOL testing of Canopy. We believe the continued adoption of these innovative solutions fuel greater efficiencies, better customer experiences, and simplify the exchange of data within the insurance industry.”
The Collaborator Award recognizes organizations that have made significant achievements through joint effort. In the life and annuity sector, Nationwide and Securian Financial contributed to the design of the Mortality Monitor application, the study of its viability, and strategic planning to extend the benefits to a broader ecosystem.
"It's an honor to be recognized for our collaboration with Securian Financial and other industry partners to develop our Mortality Monitor application," said Eric Henderson, President of Nationwide Annuity. "I'm excited about the potential for blockchain to help our industry to become more efficient and offer a better experience for customers. Hopefully this will pave the way for even bigger things in the future."
“Securian Financial is built on a promise to fulfill claims – the time when our customers and their families need us the most,” said Shannon Hanson, Operations Consultant at Securian Financial. “Mortality Monitor features new and exciting technology poised to streamline the claims process for the entire life insurance industry. It is an honor to collaborate with – and be recognized alongside – Nationwide on this important project.”
The Innovator Award went to Liberty Mutual for their broad engagement across the consortium. For the Surety, Power of Attorney and Digital Bonding use cases, not only did Liberty play a key role in the design of the concepts, but they also helped to bring essential industry stakeholders together on a global scale.
"We appreciate the recognition for the innovative and collaborative work of all of the individuals from across Liberty Mutual who contributed throughout the year, and for RiskStream's support of the unprecedented global surety initiative," said Greg Davenport, Liberty Mutual Surety Senior Vice President, Surety Global Risks. "We're excited for the potential of RiskStream to bring a global blockchain solution for surety bonds to production in the near future."