The RiskStream Collaborative blockchain consortium, operated by The Institutes, a non-profit organization, announced an award for service providers helping to increase the functionality and reach of its RAPID X data exchange solution for the first notice of a loss (FNOL) in auto insurance, as well as its Canopy platform.
Following the recent Contributor Awards of insurance companies Cincinnati, Nationwide and Securian Financial, RiskStream awarded CastleBay and CHAMPtitles the 2022 Innovator Awards. Liberty Mutual and USAA are among the carriers that founded the RiskStream Automotive Advisory Committee, which is working to advance the adoption of RAPID X and Canopy.
CastleBay is partnering with RiskStream to develop the Guidewire Integration Adapter, which allows blockchain technology to transfer FNOL data through the Guidewire Claims Center used by many major carriers. According to Don McFarland, acceleration program manager at CastleBay, CastleBay’s Guidewire adapter uses RiskStream Canopy’s centralized blockchain platform to exchange FNOL information, which expands the loss event information.
“Both telecom operators can work together on this information. We built double-sided boosters on both sides,” he said. “Then this information is collected in RiskStream. They post information, and then this information can be changed, supplemented, refuted. This information can then be reviewed, accepted, and then returned back to the Claims Center. automation through the blockchain of the FNOL process”.
CastleBay supports RiskStream’s efforts to increase the use of Canopy, McFarland explained. “The more people involved, the more first reports of casualties will be,” he said. “RiskStream should reach a critical mass in terms of the number of personal line policies from carriers in the network.”
CHAMP titlesa digital vehicle rights transfer solution, partnering with RiskStream to link its network of state vehicle departments and salvage yards to Canopy’s central blockchain platform.
“Data transfer is what we need to transfer titles,” said Shane Bigelow, founder and CEO of CHAMPtitles. So far, CHAMPtitles only works with some carriers using RiskStream Canopy.
“A carrier already integrated with Canopy RiskStream can send full loss transactions through Canopy and know they will be processed very quickly using CHAMP in the background,” Bigelow said. “Instead of building a separate integration or worrying about whether information will flow correctly through Guidewire, they use the Canopy connection in their Guidewire systems or other claims management systems to get the data and prove that 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 for CHAMPtitles and CastleBay, RiskStream also honored Liberty Mutual and USAA with the 2022 Leadership Award.
“We are proud of the close partnership we have developed with RiskStream and look forward to continuing our active collaboration with our Automotive Advisory Committee colleagues as we work towards the successful evolution of the RAPID X data exchange solution,” said Max Malaret, Communications Manager claims for global retail markets – US, in Liberty Mutual, in a statement.