President’s Corner

Our commitment to innovation remains as we continue to explore and leverage emerging technologies and platforms.

While much of our focus is on building/leveraging solutions as the insurtech ecosystem continues to expand, it becomes increasingly vital to identify and explore existing solutions and approaches that streamline multiparty processes. Through RiskStream Explores solution provider spotlighting process, we are able to save member’s precious resource time by vetting new and innovative solutions & showcasing them in various ways, empowering the consortium to stay at the forefront of industry transformation.

While this new capability should provide exciting opportunities in 2024, RiskStream’s focus remains on the multiparty solutions the consortium has been building or has built. I am excited to share with you some of our early 2024 initiatives across various sectors:

• The RAPID X (loss data exchange solution) is expected to wrap-up in Q1, which will demonstrate the benefit of sharing of production claims across our network with three top 12 insurance carriers. We anticipate moving beyond pilot to consistent live transactions running through the RAPID X network by year end.

• This year RiskStream plans to build a proof-of-concept for an application in the Commercial Property sector. During our working group sessions, we have begun exploring a use case tokenizing commercial properties and their related hazard data to aid in the tracking, standardization, and verification of this data.

• We have kicked-off a Placement & Conditional Reporting use case in Art & Specie in late Q1. This use case aims to simplify the conditional reporting process for art & specie stakeholders and begin a historical record starting at placement. Once phase 1 is complete, RiskStream will look advance the use case to a proof-of-concept stage with the interested participants.

• In Q4 2023, RiskStream completed a proof-of-concept for 1035 Exchange/Replacements with the Life & Annuity community. This work proved that data, documents, and notifications can streamline and provide transparency into the 1035 exchange & replacement process. As a result, RiskStream is onboarding Jackson National Life Insurance Company, Fidelity & Guarantee, Athene, Symetra, and Morgan Stanley as members of the consortium.

• RiskStream has been engaging with an organization on cross-border transactions in reinsurance. The goal with this use case is to streamline the foreign payments process & lower foreign transaction fees using the rails of bitcoin without company’s having to touch cryptocurrency.

In addition to the initiatives mentioned above, we have been continuing to explore auto claims fraud, a RAPID X Universal Portal, Surety Bond Verification and POA, 1035 Exchange & Replacements, and Education Verification. These initiatives are all currently underway across various phases from initial launch through pilot build.

Together, we will continue to innovate, collaborate, and drive meaningful change across the industry. Thank you for your continued support, and here's to a successful and transformative year ahead!