Arbol and The Institute’s RiskStream Collaborative announce strategic partnership to transform parametric insurance
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Collaborate to leverage blockchain technology to streamline parametric loss calculations and improve transparency in the insurance industry
NEW YORK, 2 May 2023 /PRNewswire/ — Arbol, a global climate risk coverage platform, and The Institute’s RiskStream Collaborative, the insurance industry’s largest blockchain consortium, announced a strategic partnership to transform the parametric insurance space today. The partnership integrates Arbol into RiskStream’s network of industry leaders dedicated to unlocking the potential of blockchain in risk management and insurance. The consortium is actively exploring insurance-specific blockchain and distributed ledger technology (DLT) applications to reduce operational costs, improve systems and enhance customer experiences across 1 trillion dollars the insurance industry.
Arbol and RiskStream’s collaboration aims to leverage blockchain technology to streamline data flow, increase transparency and enable rapid payouts in parametric insurance and reinsurance programs, and address the challenges of managing seasonal and catastrophic climate risks, such as major storms and hurricanes.
The partnership between Arbol and RiskStream Collaborative will initially focus on developing an innovative, blockchain-powered parametric solution for the insurance industry. This solution will strengthen trust and cooperation between all parties involved. It can be extended to non-parametric insurance solutions for reinsurance programs, leveraging the unique value of smart contracts and DLTs.
Sid Jhafounder and CEO of Arbol, said: “Our collaboration with The Institute’s RiskStream Collaborative marks an exciting step in bringing innovation to the parametric insurance space. Leveraging smart contracts and distributed ledger technology, we aim to transform how climate insurance and reinsurance contracts is managed, introducing unprecedented transparency and efficiency to global climate risk management.”
“We are pleased to welcome Arbol into the partnership as a solution provider. Their work in the parametric (re)insurance space opens the door for our producer, carrier/cedant and reinsurer members to leverage their automated solutions,” said Patrick Schmidt, president of The RiskStream Collaborative. “Arbol’s application, which works with external blockchain oracle data for various perils, aims to leverage RiskStream’s Canopy platform. The goal is to improve industry-wide operational efficiency and lead to a better overall insurance experience.”
The strategic partnership between Arbol and The Institute’s RiskStream Collaborative seeks to create significant value for the insurance industry by showcasing the power of blockchain technology and decentralized data storage. The collaboration is committed to delivering ground-breaking solutions that address current industry challenges, while also paving the way for future advances in parametric insurance and beyond.
About Arbol
Arbol is a global climate risk coverage platform and FinTech company that offers full-service solutions for any business that wants to analyze, manage and transfer climate risk. Arbol’s products offer parametric coverage based on objective data triggers rather than a subjective loss assessment. Arbol’s most important differentiating factor compared to traditional InsureTech, or climate analysis platforms, is the complete ecosystem it has built to manage climate risk. This ecosystem includes a massive climate data infrastructure, scalable product development, automated, instant pricing – using an artificial intelligence underwriter – blockchain-powered operational efficiency, and non-traditional risk capacity that brings capital from non-insurance sources. By combining all these factors, Arbol brings scale, transparency and efficiency to parametric coverage in stark contrast to the oligopoly of reinsurers that currently dominates the climate risk insurance space.
About The Institute’s RiskStream Collaborative
The Institute’s 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 Institute’s RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiency and open new technological frontiers.
Contact: [email protected]
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SOURCE Arbol
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