Surety Bond Delivery and Verification
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.
The first international blockchain application for the surety bond industry serving all entities by converging all channels, processes, and entities in a trusted and secure manner where data can seamlessly flow while ensuring the highest standard of data privacy and security.
Let’s build it together: In collaboration with the surety industry, the solution draws from the experience of over 40 industry organizations and support from surety associations, including The International Credit Insurance & Surety Association (ICISA), the Surety & Fidelity Association of America (SFAA), the National Association of Surety Bond Producers (NASBP), the Surety Association of Canada (SAC), and the Pan American Surety Association (PASA). Participants represent leading sureties, brokers, agents and solution providers.
The time cost and risk to execute, deliver, and validate a bond is expensive, time consuming and inefficient. Current processes involve multiple systems, duplicate entry, and still largely a paper process.
Benefits:
- Provides instant notification across
multi-party channel - Ensures accurate and secure verification
of data - Establishes trust and auditability
- Reduces fraud
This solution applies distributed ledger technology 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.
Membership
Network:
RiskStream
Enterprise Blockchain Framework:
Canopy
Application Concept:
Surety Bond
For more information: Sandy Hampel, Director of Life/Annuities and Commercial Lines Products: hampel@theinstitutes.org