RiskStream Collaborative® First Notice of Loss Product, Rapid X, Now Available in Guidewire Marketplace

Guidewire (NYSE: GWRE) and The Institutes RiskStream Collaborative® announced that RiskStream’s new Ready for Guidewire validated accelerator for ClaimCenter is now available in the Guidewire Marketplace. With this new integration, Guidewire users can use RiskStream’s Rapid X blockchain application to exchange loss information with other insurers more quickly and accurately.

“A policyholder’s claims experience can highly influence their satisfaction with their insurer. We’ve heard from the market that rapid claims handling, supported by technology, is vital for customer retention and operational excellence,” said Bill Keogh, RiskStream’s Non-Executive Chair. “RiskStream’s Rapid X application, built on the Canopy blockchain platform and now integrated with Guidewire ClaimCenter, streamlines the First Notice of Loss (FNOL) process for insurers to help shorten claims cycle time and enhance the customer experience.”

With Rapid X, insurers can:

  • Quickly, accurately, and securely exchange FNOL data with other consortium members via Canopy, without leaving ClaimCenter;
  • Easily add and update third-party loss data;
  • Access liability determination information; and
  • View a history of records sent to and received from Canopy.

With RiskStream’s technology, FNOL data is shared quickly and directly with peers instead of with data warehouses, reducing vendor related expenses and resource demands. The solution allows insurers to agree on liability early in the FNOL process, saving valuable time and expediting claim resolution leading to increased customer satisfaction.

 “We congratulate RiskStream on the publication of its FNOL data sharing app for ClaimCenter,” said Becky Mattick, vice president, Global Solution Alliances, Guidewire. “With RiskStream’s technology, insurers’ customer service representatives no longer need to email or call the other involved insurer to collect loss information. Now, FNOL data is shared accurately, securely, and quickly via Canopy and Guidewire, reducing intake time and lowering the associated costs.”