Insurance blockchain consortium RiskStream honors two for auto loss platform
The RiskStream Collaborative blockchain consortium run by non-profit The Institutes announced awards recognizing service providers helping boost the function and reach of its RAPID X data exchange solution for first notice of loss (FNOL) in auto insurance, along with its Canopy platform.
Following on its recent Collaborator honors of The Cincinnati Insurance Companies, Nationwide and Securian Financial, RiskStream gave CastleBay Companies and CHAMPtitles its Innovator awards for 2022. Liberty Mutual and USAA are among the carriers that founded RiskStream’s Auto Advisory Committee, which works to promote adoption of RAPID X and Canopy.
CastleBay Companies partnered with RiskStream on a Guidewire integration adapter that makes it possible to use blockchain technology to communicate FNOL data through the Guidewire Claims Center used by many large carriers. CastleBay’s Guidewire adapter uses RiskStream’s Canopy centralized blockchain platform to exchange FNOL information, which enhances the information about a loss event, according to Don MacFarland, head of the accelerator program at CastleBay.
Don MacFarland, head of the accelerator program at CastleBay Companies.
“Both carriers can mutually work on that information together. We built two-way accelerators on both sides,” he said. “That information then is brought together in RiskStream. They put the information up and then that information can be modified, enhanced, refuted. Then that information can then be looked at, accepted, and then moved back into the Claim Center. We’re automating via blockchain the FNOL process.”
CastleBay supports RiskStream’s efforts to increase the use of Canopy, MacFarland explained. “The more people that are involved, the more first notices of loss will be there,” he said. “RiskStream has to reach critical mass in the number of personal lines policies from carriers that are on the network.”
CHAMPtitles, a digital solution for transferring automotive titles, partnered with RiskStream to link its network of state motor vehicle departments and salvage yards with the Canopy central blockchain platform.
Shane Bigelow, founder and CEO of CHAMPtitles.
Jason Miller
“The passing of the data is what we need in order to transfer the titles,” said Shane Bigelow, founder and CEO of CHAMPtitles. So far, CHAMPtitles is working with just some of the carriers using RiskStream Canopy.
“A carrier already integrated with RiskStream’s Canopy can send total loss transactions over Canopy and know that they’re going to be processed very quickly using CHAMP in the background,” Bigelow said. “That’s as opposed to having to build a separate integration or worry whether the information will come out Guidewire correctly, they’re leveraging Canopy’s connection in their Guidewire systems or other claims management systems to get the data and prove the data can move from point A to point B – Canopy – to point C – CHAMP – and ultimately to the state to create the title.”
Along with the Innovator awards to CHAMPtitles and CastleBay, RiskStream also honored Liberty Mutual and USAA with its 2022 Leadership Award.
“We are proud of the strong partnership we have developed with RiskStream and look forward to continuing our active collaboration with Auto Advisory Committee colleagues, working toward the successful evolution of the RAPID X data exchange solution,” said Max Malaret, manager of claims process for global retail markets – U.S., at Liberty Mutual, in a statement.
