Insurance Blockchain Consortium RiskStream Honors CastleBay, CHAMPtitles for Data Work Loss
The RiskStream Collaborative blockchain consortium powered by the non-profit Institutes announced awards recognizing service providers helping to increase the functionality and reach of the RAPID X first notice of loss (FNOL) data exchange solution in auto insurance, along with the Canopy platform.
Follows the last one Collaboration partner is honored of Cincinnati Insurance Companies, Nationwide and Securian Financial, RiskStream presented CastleBay Companies and CHAMPtitles with its 2022 Innovator awards. Liberty Mutual and USAA are among the carriers that founded RiskStream’s Auto Advisory Committee, which works to advance the adoption of RAPID X and Canopy.
CastleBay Companies partnered with RiskStream on a Guidewire integration adapter that enables the use of blockchain technology to communicate FNOL data through the Guidewire Claims Center used by many large carriers. CastleBay’s Guidewire adapter uses RiskStream’s Canopy centralized blockchain platform to exchange FNOL information, which improves information about a loss event, according to Don MacFarland, head of the accelerator program at CastleBay.
“Both carriers can mutually work on that information together. We built two-way accelerators on both sides,” he said. “That information is then collected in RiskStream. They put the information up and then that information can be changed, improved, refuted. Then that information can be looked at, accepted and then moved back to the claims center. We are automating the FNOL process via blockchain.”
CastleBay supports RiskStream’s efforts to increase the use of Canopy, MacFarland explained. “The more people involved, the more initial reports of loss there will be,” he said. “RiskStream needs to reach critical mass in the number of personal line policies from carriers that are on the network.”
CHAMP titlesa digital vehicle title transfer solution, partnered with RiskStream to connect the network of state motor vehicle departments and salvage yards with Canopy’s central blockchain platform.
Jason Miller
“Data transfer is what we need to transfer the titles,” said Shane Bigelow, founder and CEO of CHAMPtitles. So far, CHAMPtitles works with only some of the operators using RiskStream Canopy.
“An operator who is already integrated with RiskStream’s Canopy can send total loss transactions over Canopy and know that they are going to be processed very quickly with CHAMP in the background,” Bigelow said. “As opposed to having to build a separate integration or worry about whether the information will come out Guidewire correctly, they leverage Canopy’s connectivity into their Guidewire systems or other claims processing systems to get the data and prove that the data can move from point A to point B – Canopy – to point C – CHAMP – and finally to the state to make the title.”
Along with the Innovator awards for CHAMPtitles and CastleBay, RiskStream also honored Liberty Mutual and USAA with its 2022 Leadership Award.
“We are proud of the strong partnership we have developed with RiskStream and look forward to continuing our active collaboration with colleagues on the Auto Advisory Committee, working towards the successful development of the RAPID X data exchange solution,” said Max Malaret, Head of claims process for global retail markets – US, at Liberty Mutual, in a statement.
