The Institutes’ RiskStream Collaborative has announced that seven insurance companies including Aon, CNA, Everest Re and Hartford have joined its blockchain consortium.

Other members from the property and casualty insurance industry joining the organisation include Extraordinary Re, The Norfolk & Dedham Group, and Selective Insurance Company of America.

The Institutes RiskStream Collaborative tests blockchain-based applications with an aim to reduce industry transaction expenses and improve customers’ experience.

It also aims to boost the speed and security of data transfers among customers, industry stakeholders, and third parties.

Separately, eight firms have also joined the life and annuity sector, bringing the total number of member companies to 39.

These firms are American Family Life Insurance Company, American Fidelity Corporation, Horace Mann Educators Corporation, John Hancock, Nationwide, Prudential Financial, Securian Financial, USAA.

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By GlobalData

RiskStream Collaborative president Christopher McDaniel said: “Blockchain becomes exponentially more powerful as more organizations connect to it, and expanding our use cases to support members in life and annuity companies will allow for even greater opportunities to reduce fraud and improve consumer satisfaction.”

RiskStream Collaborative has also teamed up with LIMRA to develop mortality monitor. The solution is aimed at offering notification to members of the death of life insurance and annuity policyholders in real-time.

Recently, Aon, Guy Carpenter, RenaissanceRe and Everest Re, teamed up with The Institutes RiskStream Collaborative to modernise the reinsurance placement process using distributed ledger technology (DLT).