Nationwide, Securian, Cincinnati Financial, Institutes, Riskstream, blockchain,

The Institutes, a non-profit risk management and insurance education group, through its blockchain consortium RiskStream Collaborative for developing insurance applications, acknowledged insurance companies Cincinnati, Nationwide and Securian Financial for their support of the product sales educational verification project. For their efforts, RiskStream has awarded the firms the 2022 Collaborative Collaborator Award.

The solution, developed by the RiskStream Collaborative institutes and these firms, helps to check the educational requirements for insurers selling life and annuity products. Together, their solution includes a new industry-wide workflow for educational courses using NFT. RiskStream implemented this solution with development partner Kaleido and on its Canopy platform for major recording systems.

Securian was a founding member of RiskStream in 2018. “We have joined the collaboration to learn more about distributed ledger technology (such as blockchain) and work with other operators to solve common problems in the insurance industry,” Brian Oberman, director of engineering for Securian’s NextGen Lab, said in a written response to questions. from Digital Insurance. “Benefits to date: (1) better understanding of distributed ledger technology; (2) a better understanding of the problems we all face; (3) practical knowledge on how to implement this technology.”

[How insurers are navigating crypto’s ‘wild west’]

Securian worked to develop the Institute for Mortality Monitoring and Education Validation for Financial Professionals. Mortality Monitor helps close and process death benefits and claims.

In recent years, Nationwide and Cincinnati Insurance have joined the consortium. Eric Henderson, president of Nationwide Annuity, wrote in a written response that the partnership will enable Nationwide to “help solve key risk management and insurance business challenges through product innovation, efficiencies and new technologies.” Henderson added, “These collaborative projects could go a long way as we learn more about future trends and technologies, helping to streamline data flow and validation, lower operating costs and improve the customer experience.”

Must Read:  Meet the insurtech: Dayforward | Digital Insurance

Nationwide, which joined RiskStream in 2019, has also contributed to the consortium’s work on the insurance verification blockchain proof tool. Cincinnati Insurance joined us in 2021 after following the work of the Institutes for many years. “We enjoyed working with them on the Claims, Life, Personal Lines and Surety Industry Working Groups,” Brad Purnhagen of Cincinnati Strategic Innovation Group wrote back.

Purnhagen’s colleague, Major Bernhold, director of marketing at the company, said in a press release: “Verification of education during the licensing and appointment of life insurance professionals is an important but burdensome daily process. There are many parties, including educational service providers, agents. , carriers and distributors are all eager to share and verify information.”

Securian’s Oberman said in a press release: “Our collaboration in licensing, appointments and training is a stepping stone to more effective advisory services. We are very excited to see where this can lead.”

Leave a Reply

Your email address will not be published. Required fields are marked *