Joint Test Conducted by the Collaborative, Chubb, Marsh and Others Moves Collaborative One Step Closer to Usage of Blockchain Applications
MALVERN, Pa., Oct. 22, 2019 /PRNewswire-PRWeb/ -- The Institutes RiskStream Collaborative, the risk management and insurance industry's largest enterprise-level blockchain consortium, has successfully completed production testing of its distributed ledger network, Canopy, and a personal lines application. The test, which focused on First Notice of Loss, was completed on September 27.
During the test, RiskStream Collaborative members representing a significant percentage of the market for personal lines insurance carriers and insurance brokers successfully verified the functionality, readiness and secure connectivity of the member-led network.
"Chubb, Marsh and other significant industry players' contributions in production testing of our Canopy framework and initial personal lines applications is a monumental step toward the successful adoption of this industry-changing blockchain technology," said Christopher McDaniel, President of The Institutes RiskStream Collaborative. "The production test confirmed that transactions can be securely and successfully sent and received within Canopy by multiple RiskStream Collaborative members."
The testing consisted of multiple scenarios in which the parties sent test data back and forth. The scenarios, which centered on a two-car accident, demonstrated how transactions would be completed between carriers and brokers. The test verifies secure connectivity within Canopy between members and RiskStream Collaborative's network within a heterogeneous cloud environment.
This is the latest in a series of progressive milestones, including development testing in February 2019, completion of technical production readiness for the applications in June 2019 and the most recent member production testing in September 2019. The collaborative and its members anticipate moving to production usage within the next several months.
About The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative is the risk management and insurance industry's first enterprise-level blockchain consortium that is developing insurance-specific use cases via Canopy, a custom blockchain architecture. https://www.TheInstitutes.org/RiskStream
The 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, a leading provider of risk management and insurance knowledge solutions, offer 28 professional and associate designations, including the CPCU® program. In addition, The Institutes provide introductory, foundational, and leadership programs; online and continuing education courses; custom solutions; and assessment tools. https://www.TheInstitutes.org
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