According to the FBI, insurance fraud costs the average U.S. family between $400 and $700 per year in the form of increased premiums. Auto insurance fraud in particular, is a costly problem for the industry and consumers. RiskStream is conducting a series of discussions with industry carriers and associations to explore how business enterprise blockchain solutions may simplify claim resolution and determine the value and validity of claims within personal and commercial lines auto, and expects to work collaboratively to define a use case that would be of most value to members. The industry has come together and made a decision to explore a solution using confidential computing technology to identify and combat double-dipping fraud. This use case will be a feature of our flagship product, RAPID X, the first notice of loss data exchange application.

We are currently holding a working group with the goal to design and build a Proof-of-Concept that demonstrates how data will get from the carriers on the RAPID X network to the confidential computing encrypted enclave for analyzation, and the system of notification for potential fraud alerts.