Riskstream Tests Blockchain Proof of Insurance
In the recent social distancing climate, there is a definite trend towards touch-free interactions. If stopped by a police officer, most drivers have to hand over a paper-based proof of insurance. The Institutes RiskStream Collaborative declared the completion of a contactless proof of insurance test, including COUNTRY Financial.
RiskStream is the U.S. headquartered insurance consortium with more than 40 property and casualty members and a dedicated life and annuities group. The test included verifying proof of insurance with another carrier. Utilizing the application, drivers can grant their insurance data utilizing a QR code or an access key rather than a paper insurance card.
This is the second application that is anticipated to launch on RiskStream’s Canopy blockchain platform. The first links to the initial notification of an auto accident claim. The solution leverages R3’s Corda enterprise blockchain, and the collaboration is operating with Accenture.
“In the wake of COVID-19, more consumers are seeking and using contact-free technology to conduct transactions. This type of blockchain solution can make that possible,” said Christopher McDaniel, president of the RiskStream Collaborative in a statement.
This was approved by an April Mastercard survey that discovered that 82% of respondents think contactless as the cleaner way for payments. Its data revealed a 40% global growth in contactless transactions in Q1 2020.
“We are proud to be part of this project and others with the RiskStream Collaborative, which presents a potential transformation in the way our clients interact with us and others during their time of need,” said Andrew Mizell, enterprise innovation project lead at COUNTRY Financial in a statement. Meantime, RiskStream is yet to launch its first application into production. The First Notice of Loss solution for auto accidents had extended member testing last year. Earlier this year, RiskStream ran tests with standard production loads.