President’s Corner

First and foremost, the dRe application is live and recently won Insurance Insider “underwriting innovation of the year award”. In addition, supported by our friends at Arbol, we recently held a dRe Summit and it was a resounding success. The Summit provided us with an invaluable opportunity to showcase our first application in production (dRe). We are now holding conversations with interested parties in efforts to explore ways to further leverage dRe and our partnership with Arbol. The potential for innovation and collaboration stemming from projects like this will undoubtedly shape the future of our organization.

As we enter the final quarter of the year, our commercial property initiative is gaining momentum. After our Advisory Board selected the sector, we are now planning a use case ideation session for later this fall. We are excited about the opportunities that lie ahead and look forward to further strengthening our presence in this sector.

In the auto insurance space, our Rapid X Pilot program is in full swing. Three carriers have been in weekly discussions with our team. The discussions are defining the pilot project specifics, including data sets, etc. The RAPID X pilot presents an opportunity for RiskStream and our members to showcase the capabilities of RAPID X with production data.

We have made great strides in extending RAPID X capabilities. For example, the team has been obtaining requirements for a universal portal, which will create a ‘universal’ third-party claims portal for RAPID X users, allowing them to interact with carriers not yet on the network. In the broader Rapid X suite of products, we are also proud of the progress made in the Auto Claims Fraud working group. Our continued efforts to combat fraud and enhance the user experience are central to our mission.

For the Life & Annuities sector, the 1035 Exchange Proof of Concept (POC) is nearing completion. This project has been a significant undertaking, and we eagerly anticipate the insights it will yield to further improve our services.

Our Explores Advisory Committee is gearing up for its inaugural activities, which will focus on this fall’s educational series. This committee will play a crucial role in providing education, vetting, and spotlighting insurtech innovation, exploring new technologies, and driving industrywide exploration.

As we approach the end of the year, we have exciting plans to recognize the outstanding contributions and achievements of our members and participants in RiskStream activities. Stay tuned for more details on our upcoming awards and end-of-year celebrations.

In conclusion, I want to express my sincere gratitude to each and every one of you for your dedication and unwavering support. It's your commitment and hard work that make all these initiatives possible. As we navigate the fall season, I am confident that our organization's future is bright, and I look forward to continuing this incredible journey together.