MALVERN, Pa.--(BUSINESS WIRE)--Liberty Mutual Insurance and USAA are recipients of The Institutes RiskStream Collaborative™ 2022 Leadership Award. CastleBay Companies and CHAMPtitles are recipients of RiskStream’s Innovator Award. These awards are in recognition of the organizations’ work supporting auto insurance-related projects.
Liberty Mutual and USAA are among the founders of RiskStream’s Auto Advisory Committee, which was created to advance and formalize adoption efforts related to Risk Stream’s RAPID X — First Notice of Loss (FNOL) Data Exchange solution. These organizations helped lead the initial formation of this new governance arm, which worked with RiskStream to develop early adopter incentives and a business case for the RAPID X app. As a sizable network is required for optimal benefits, the group expanded over the year to include company representation from a majority of the auto insurance industry market.
“We are proud of the strong partnership we have developed with RiskStream and look forward to continuing our active collaboration with Auto Advisory Committee colleagues, working toward the successful evolution of the RAPID X data exchange solution,” said Max Malaret, Liberty Mutual, Manager, Claims Process, Global Retail Markets US.
Both of RiskStream’s Innovator Award recipients drove projects that were also related to RAPID X. The first Innovator Award recipient, CastleBay Companies, partnered with RiskStream on a Guidewire integration adapter that is now available in the Guidewire marketplace. This will assist Guidewire Claims Center users in integrating the product. The integration can also be leveraged as a reference for integrations to other claims systems as well.
“We appreciate the recognition for the innovative work with RiskStream. RiskStream’s RAPID X FNOL data exchange solution provides a means for claims systems to exchange information in a permissioned manner, securely and privately,” said Don MacFarland, head of CastleBay Companies’ accelerator program. “The creation of RiskStream’s Guidewire adapter should ease implementation efforts for Guidewire Claims Center users and provide a reference for other claims systems integration efforts as well. We’re excited about the future of this integration.”
The second Innovator Award recipient, CHAMPtitles, is partnering with RiskStream and some of its members on its effort to streamline automotive total loss claims processes. This project extends the RAPID X solution’s data exchange potential by allowing it to interact with CHAMP’s network of DMVs and salvage yards.
“Industry studies show that 50 days or more are lost to total loss title processing when legacy paper-based methods are used, which has ripple effects for everyone involved,” said Shane Bigelow, CEO at CHAMPtitles. “CHAMP’s SaaS solution expediates total loss title transactions by digitizing the process end-to-end without impacting adjustor behavior. Our partnership with RiskStream members can be initiated at the first notice of total loss directly from the core system of record carriers prefer, thereby reducing cycle times significantly.”
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative™ is the risk management and insurance industry’s first enterprise-level blockchain consortium that brings together experts and developers to advance insurance-specific use cases via Canopy, a custom blockchain architecture. The Institutes RiskStream Collaborative is committed to equipping organizations to work together to inspire product innovation, enable efficiencies, and open new technological frontiers.
About The Institutes
The Institutes are a global not-for-profit comprised of diverse affiliates that educate, elevate, and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes’ nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting, and preventing losses to create a more resilient world.
Contacts
Media Contact:
Patrick Schmid
The Institutes
schmid@theinstitutes.org