RiskStream Exploration, Labs & Production Process
RiskStream brings parties together to design, build, and deliver applications.
RiskStream uses a phased labs approach to bring the industry together in collaboration to build applications using emerging technology that solve multiparty business process challenges. We do this through our industrywide working groups.
What are working groups?
A working group is a virtual session facilitated by RiskStream’s product leads where those in the industry come together to gain insights to a business problem, allowing us to determine the requirements for an application, ultimately building solutions to benefit the industry as a whole.
Learn more about each phase of our working group process below:
Phase 1 — Kick-off Phase
These sessions are open to the entire industry, both RiskStream members and non-members. The goal is to discuss the use case’s business problem and collaborate on designing a multi-party business process solution using emerging technology. Over the last year, more than <insert #> non-member firms (carriers, brokers, or reinsurers) were involved in RiskStream Labs Phase 1 sessions across initiatives within Surety Bonds, Personal Auto, Life & Annuities, Commercial Lines, and more.
Phase 2 — Proof of concept
Participants from Phase 1 determine if they want to build a proof-of-concept (POC) application for that specific use case. A threshold POC development cost is established with the development partner and RiskStream works with participants to self-fund. Members of RiskStream either receive a steep discount or pay nothing, non-members pay a premium, but the overall price is still very reasonable. The design for the proof of concept is worked on with participants over several weeks, with a testable product delivered at the conclusion.
Phase 3 — Pilot
This is an optional phase. RiskStream’s Advisory Groups provide advice on whether POCs that are completed in Phase 2 will move beyond to Phase 3 or straight to Phase 4. At this point, membership is a requirement to engage in working sessions, testing, and technical set-up.
Phase 4 — Production build
During the production build phase, development of the production variant of the application takes place. Individual business cases for the application are published and reviewed. Security is reviewed with internal teams. The production-hardened application is tested by members and integrations into core systems are also tested.
Phase 5 – Adopt and Run
RiskStream works with interested members on adoption plans. This may include contracts, run fee and early adopter incentive reviews and discussions. Early adopters begin running production transactions through the platform for that specific application.
Interested in learning more about our applications built using our phased lab approach? Click the link below to learn more!
Proprietary/
Partnership Use Cases
In addition to our industrywide working groups, RiskStream also gives opportunity to member companies to explore proprietary or partnership use cases. Learn more about this process below:
***Sometimes use cases emerge from member input, other times use cases emerge from educational series or InsurTech vetting within RiskStream Explores. Either way, RiskStream has a use case backlog and works with our Advisory Board to rank projects based on a desirability, feasibility, and viability approach***