RAPID X - Commercial Auto
RAPID X Suite of Products: Auto Claims Data Exchange
RAPID X for Commercial Auto enables the exchange of data between commercial carriers as well as personal lines carriers. As seen with the personal auto solution, the RAPID X application reduces the significant back and forth between parties to collect, reconcile and correct auto claims data. RiskStream’s auto claims solution uses blockchain to securely share claims data with permissioned parties through RiskStream’ s secure and encrypted Canopy network. The benefits include reduced resource time for claims intake and data sharing as well as less reliance on data providers that provide pre-fill data.
As we head into 2024, RiskStream is kicking-off a working group with industry leaders with the goal of advancing the Commercial Auto extension of RAPID X to adoption. We plan to bring stakeholders together to showcase the application, gather feedback, and execute a pilot with those involved.
Benefits:
Faster Claims Handling
Lower Operating Costs
Better Customer Experience
Less Reliance on Data Providers
Integration with Guidewire ClaimCenter and accelerator available in the Guidewire Marketplace
Engagement:
A proof of concept (POC) was designed and showcased to working group participants in early 2023, and we’ve continued to engage with the majority of the Top 15 commercial auto carriers. This product is about to enter a Phase 3 Pilot stage.
Phase:
Phase 0 - Use Case Selection
Phase 1 - Kick-off & Design
Phase 2 - Proof of Concept
Phase 3 - Pilot
Phase 4 - Production
Phase 5 - Adoption & Run
Call to Action:
Reach out today for a demonstration of this application and to learn more about a pilot.