Commercial property insurance is designed to protect businesses and organizations from financial losses resulting from damage or loss of physical assets and property used for business purposes. Businesses purchase commercial property insurance to safeguard their financial interests in case of unexpected events that could lead to property damage, business interruption, or loss of valuable assets. Multi-party business processes in commercial property insurance often involve several stakeholders, including insurance companies, policyholders, brokers, underwriters, claims adjusters, and other service providers. These complex processes can face various challenges due to the interdependence of these parties and the need for efficient coordination. RiskStream aims to target these challenges and explore how emerging technologies can be applied to improve multi-party business processes, increase efficiency, and reduce cost.

This February, RiskStream kicked off a working group—open to the industry—to begin designing a strawman Proof-of-Concept for a use case that will aid in policyholder acquisition and servicing. Today, customers must provide COPE (construction, occupancy, protection, exposure) data to brokers/carriers on the commercial property they are hoping to obtain a policy for. The process is tedious, manual, and can include incorrect information. There needs to be a better way of verifying, tracking, and standardizing this data. When verifying and updating this data, there ends up being duplicate efforts between brokers and carriers (data requests, analyzing the data).

The idea is to streamline the sharing of COPE data from the policyholder to the broker to the carrier while simultaneously standardizing that data. Assets can be tokenized so that their relevant information follows throughout their life cycle. By tokenizing the asset, which in this case is the commercial property, this makes all the property and related hazard data (or COPE data) linked to this commercial property, available to the broker/carrier through the token. This creates a trusted way to share (and add to) this data in a cohesive manner, while combating the possibility of manipulation of the data.

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