Surety Bond Power of Attorney
The Institutes RiskStream Collaborative aims to create an ecosystem within the risk management and insurance industry that leverages a scalable, enterprise-level blockchain/distributed ledger technology framework to design/build decentralized applications which aim to streamline the flow and verification of data in multiparty business processes. The goal is to lower operating costs, drive efficiency from improved processes, and enhance the customer experience.
Canopy is RiskStream’s blockchain platform used to solve the multi-party business process challenges within risk management and insurance. As an advanced multi-party system, Canopy enables secure data sharing from insurer to insurer. The pluggable infrastructure allows applications and integrators to leverage the exact components needed to build solutions for every use case. Solutions can be directly integrated into existing core systems, such as claims systems.
Obtaining power of attorney is a necessary step in the bond execution process and the current process of registering, maintaining and verifying powers of attorney is expensive, time consuming and an inefficient process.
Now just imagine the high volume of requests, approvals, and ongoing maintenance of adding, removing, and updating powers of attorney, and the verification and tracking that follows.
This solution applies distributed ledger technology by leveraging RiskStream’s Canopy network to advance the surety process away from ink and paper to an automated, streamlined, and digitize multi-party surety workflow process between the principal, obligee and surety.
The Surety Bond Power of Attorney application manages the flow of data, removing the manual touch-points and provides a single source of the truth, eliminating redundant rework and reconciliation efforts. The API enabled solution offers real-time connectivity providing the flexibility to take up last minute opportunities. And the secure, transparent, traceability features of the technology offers the trust and legitimacy, providing the assurance the Power of Attorney is viable.
Benefits:
- Instant notification across multi-party channel
- Ensures accurate and shared comprehensive data
- Optimizes resources through fewer touchpoints
Membership
Network:
RiskStream
Enterprise Blockchain Framework:
Canopy
Application Concept:
Surety Bond Power of Attorney
For more information: Sandy Hampel, Director of Life/Annuities and Commercial Lines Products: hampel@theinstitutes.org