Insurance claims verification is not only expensive but also a gargantuan task costing billions of dollars annually.
Liberty Mutual, RiskStream, and Nationwide have joined hands to present a DLT backed Insurance Solution.
RiskStream brings Blockchain Proof Insurance Solution with Liberty Mutual, Nationwide.
In a bid to make insurance claims verification easier, faster, and more trustworthy leading insurance market participants are coming together to develop blockchain proof insurance solutions.
As reported by Ledger Insights, RiskStream, Nationwide, and Liberty Mutual have come together to create a solution that will facilitate faster and seamless claim verification for insurance coverage.
The Institute of RiskStream Collaborative has partnered with several other significant players to build a highly efficient solution. The latest Distributed ledger technology proof of concept by RiskStream would align with the earlier certificates of insurance projects by its members. It would provide higher operational efficiency by facilitating the digitization of the certificate of insurance. Liberty Mutual is a leading global insurer in the United States, while RiskStream is a consortium that works together to explore the potential of blockchain technology. The Product Manager at Liberty Mutual for Global Innovation, Brendan Smyth, said that
“One of the main reasons we joined the consortium was to support its effort to solve key business challenges, including this one faced by all industries: quickly and accurately verifying insurance coverage,” He added that if the longstanding issue is resolved, it will bring higher value to the insurance industry stakeholders including vendors, brokers, insurance buyers, and agencies.
RiskStream blockchain solution intends to create a seamless solution in which the users will be able to check and verify the insurance status in real-time, which is not possible in case of paper certificates issues traditionally. With collaboration from Trustlayer, a collaborative risk management platform, RiskStream would entail robotic process automation in its system to digitize the insurance certificates.
As blockchain technology gains massive adoption in the tech, insurance, and financial industry, major players are adopting blockchain to get away with traditional processes and cumbersome paperwork. With the use of DLT, insurance market players are enhancing their overall operational efficiency and adopting more secure frameworks.
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