Inland marine insurance covers products, materials and equipment when transported over land—e.g., via truck or train—or while temporarily warehoused by a third party. RiskStream is working with the Inland Marine insurance industry to explore how a blockchain application may benefit industry stakeholders and streamline processes that are normally manual or providing access to that information in a timely manner. RiskStream is exploring an application which aims to leverage the Canopy platform and its secure, permission-based network, where carriers and information-providers for Inland Marine processes could share time-sensitive information with each other. With the continued growth of natural disasters, inefficiencies with the transportation of goods, and ongoing construction challenges, the demand for Inland Marine coverage has increased, increasing the importance of this industry initiative.

RiskStream has just completed a Phase 0 (Exploratory Use Case Lab) by conducting roundtable discussions to identify pain points in the industry and compare their ideas to prioritize use cases that would best suit the technology and industry. The roundtable discussions yielded results from participants that show there is substantial interest in a use case that would create a repository of information that is trustworthy and verified which includes risk characteristics and the value of assets for contractors.