RiskStream’s RAPID X first notice of loss data sharing solution can be leveraged to improve the salvage titling experience available when integrated with CHAMPtitles’ solution. CHAMPtitles leverages their SaaS platform to bring digital processes to vehicle titling while providing detailed knowledge of the vehicle titling processes and the issues inherent within the system. Upon determination of a total loss, RiskStream’s RAPID X solution can trigger the sharing of required data with a CHAMP node on the Canopy network. This node bridges to the CHAMP network where information is shared with DMV’s, salvage yards and others to expedite the salvage title process. The result is a salvage title prepared for the requesting carrier in several days rather than several weeks. This Guidewire integrated blockchain solution built on the RAPID X foundation enables the creation of the salvage title directly from the claims system simplifying the process and upgrading the customer experience.

When applied, this solution could initiate the salvage title process directly from the claims system by building on the existing RAPID X data exchange, lower internal costs, provide faster turnaround to obtain a salvage title at the time of total loss, upgrade the policyholder’s experience by selling the asset more quickly and paying policyholders sooner, and ensure the highest standard of data privacy and security through safe, secure, trusted, and transparent permission-based blockchain technology.