The Institutes RiskStream Collaborative, the risk management and insurance industry’s blockchain consortium, has partnered with B3i Services AG, to explore automation in home insurance.
The consortium will work jointly with B3i Services AG in an open industry-wide Lab series that will launch on April 12, 2022. This Lab series will be dedicated to exploring a use case application that automates the insurer and reinsurer parametric homeowners’ insurance policy process by using an oracle (digital feed).
With advancement of weather data sources and a need for increased automation and efficiency in the insurance industry, there has been a renewed interest in parametric insurance exploration using blockchain technology, the consortium said.
Parametric insurance is a non-traditional insurance product that offers pre-specified payouts based upon a trigger event, such as wind speed and rainfall measurements. This collaborative Lab series will explore an interesting new approach to parametric insurance across homeowners’ insurance and reinsurance that leverages blockchain technology.
Bill Keogh, non-executive chair of RiskStream Collaborative, said, “We are excited about working together with B3i. RiskStream and B3i not only share expertise in this cutting-edge technology but also understand the insurance industry’s needs. By leveraging our complementary experience and networks, we are better positioned to bring together a larger and broader group of industry stakeholders to explore and assess this blockchain use case’s value.”
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