The Institutes RiskStream Collaborative is the risk management and insurance industrys largest enterprise-level blockchain consortium, developing insurance-specific use cases to reduce operating costs, improve systems, and enhance customer experience.

The insurance industry has long grappled with inefficient processes in verifying proof of insurance and managing the first notice of loss (FNOL). Traditional methods often involve cumbersome paperwork, delays, and increased operational costs, leading to dissatisfaction among policyholders and stakeholders.

As the engineering lead, I spearheaded the development of two pivotal applications within RiskStream’s Canopy framework the Proof of Insurance and FNOL solution. The Proof of Insurance application enables real-time, digital verification of insurance coverage, eliminating the need for physical insurance cards and reducing fraud. The FNOL application streamlines the initial claims reporting process by facilitating secure, immediate data sharing between parties involved in an incident, thereby expediting claims processing and improving accuracy. Both applications leverage blockchain technology to ensure data integrity, security, and interoperability among insurers.

Implementing these solutions has led to significant operational efficiencies and cost savings. Studies indicate that by the third year of adoption, the industry could realize annual savings between $99 million and $277 million. Beyond financial benefits, these applications have enhanced customer satisfaction by providing faster, more transparent interactions during critical insurance processes. This initiative underscores the transformative potential of blockchain in modernizing insurance operations and delivering tangible value to both insurers and policyholders.