The Institutes RiskStream Collaborative and LIMRA have announced that a total of 15 new re/insurance companies have become members of their enterprise-level blockchain consortium.
This includes eight new members in the life and annuity sector and an additional seven in the property and casualty sector, bringing the total number of member companies to 39.
The RiskStream Collaborative aims to develop blockchain solutions to lower industry transaction costs, improve customer experience, and increase the speed and security of data transfers.
The Institutes, a provider of re/insurance research and education, launched the not-for-profit blockchain consortium in 2017 before partnering with LIMRA, the global research trade association for the life insurance and financial services industry.
New members in the life and annuity sector include: American Family Life Insurance Company, American Fidelity Corporation, Horace Mann Educators Corporation, John Hancock, Nationwide, Prudential Financial, Inc., Securian Financial, USAA.
Meanwhile, new members in the property and casualty sector include: Aon, CNA Financial Corporation, Everest Reinsurance Company, Extraordinary Re, The Hartford, The Norfolk & Dedham Group, Selective Insurance Company of America.
American Family Life Insurance Company, Horace Mann Educators Corporation, Nationwide and USAA are also members of the property and casualty sector.
“We are especially excited to announce new members in the life and annuity sector, as part of our partnership with LIMRA,” said Christopher McDaniel, president of the RiskStream Collaborative.
“Blockchain becomes exponentially more powerful as more organizations connect to it, and expanding our use cases to support members in life and annuity companies will allow for even greater opportunities to reduce fraud and improve consumer satisfaction.”
RiskStream Collaborative members are now testing blockchain-based applications, including a proof of insurance application, and a first notice of loss data-sharing process.
In the life and annuity sector, LIMRA is working with members on the development of Mortality Monitor, which will provide real-time notification to members of the death of life insurance and annuity policyholders.
