29 Mar RiskStream Collaborative Collaborates with B3i in a Lab Series to Explore Parametric Homeowners Re(Insurance)
Collaborative Lab Series
The Institutes RiskStream Collaborative™, the risk management and insurance industry’s largest enterprise-level blockchain consortium, announced that it will work jointly with B3i Services AG, a global industry-led blockchain initiative, in an open industry-wide Lab series that will launch on April 12, 2022 [Sign up here]. This Lab series will be dedicated to exploring a use case application that automates the insurer and reinsurer parametric homeowners’ insurance policy process by using an oracle (digital feed).
With advancement of weather data sources and a need for increased automation and efficiency in the insurance industry, there has been a renewed interest in parametric insurance exploration using blockchain technology. Parametric insurance is a non-traditional insurance product that offers pre-specified payouts based upon a trigger event, such as wind speed and rainfall measurements. This collaborative Lab series will explore an interesting new approach to parametric insurance across homeowners’ insurance and reinsurance that leverages blockchain technology. The Lab is unprecedented as it brings together the two largest blockchain networks in the insurance industry, RiskStream’s member network and B3i’s partner and customer network.
“We are excited about working together with B3i,” said Bill Keogh, Non-executive Chair of RiskStream Collaborative. “RiskStream and B3i not only share expertise in this cutting-edge technology but also understand the insurance industry’s needs. By leveraging our complementary experience and networks, we are better positioned to bring together a larger and broader group of industry stakeholders to explore and assess this blockchain use case’s value.”
The goal of this innovative network opportunity is to bring industry stakeholders together to review the business process, identify opportunities, and assess if this use case has potential value in building out a blockchain prototype. RiskStream Labs series with B3i enables the industry to quickly explore, vet, and collaboratively decide whether to advance this blockchain initiative based on stakeholder support. If the participants decide this use case has value, it may move beyond design and prototype to production. The partnership between RiskStream and B3i also offers opportunities beyond the identified use case to address other areas of reinsurance for the benefit of the global industry.
John Carolin, CEO of B3i, added, “A number of B3i shareholders are members of the RiskStream Collaborative, and many of our customers and shareholders have longstanding business relationships with RiskStream members. Together with RiskStream, we have sought opportunities to serve them and the wider insurance industry. With this Lab series, we look forward to taking these next steps, deepening this relationship and are excited about validating this use case.”
Participate in the Lab
If you would like to participate in the Lab series, click here.
The first Lab will take place on Wednesday, April 12, 2022 10-11am EDT / 16:00–17:00 CEST.
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative™ is the risk management and insurance industry’s first enterprise-level blockchain consortium that brings together experts and developers to advance insurance-specific use cases via Canopy, a custom blockchain architecture. The RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers.
About The Institutes | Risk and Insurance Knowledge Group
The Institutes, the leading provider of risk management and insurance knowledge education and solutions, offer professional designations, including the CPCU® program. In addition, The Institutes provide introductory, foundational, and leadership courses and programs; online and continuing education courses; custom solutions; events and conferences; online and print news platforms; assessment tools; and research reports.
CPCU is a registered trademark of The Institutes. All rights reserved.
About B3i Services AG
B3i Services AG is a global initiative owned by 21 major insurers from 5 continents and a diverse community currently comprising over 40 companies. B3i was founded in October 2016 as an insurance industry consortium, which then formed B3i Services AG as an independent company. B3i is building a broadly supported platform and protocol to address critical insurance industry needs through growing its network and developing partnerships with other company-led and industry-led initiatives throughout the world.
Joint press release originally posted here.