President’s Corner

RAPID X Pilot & Next Steps

RAPID X, RiskStream’s auto claims data exchange application, is being piloted by 3 top-12 personal auto insurance carriers. To date, roughly 12,500 personal auto claims have been submitted to the application.

The pilot is scheduled to conclude in late June, and we expect the participating carriers will see a reduction in claims process time by using RAPID X. An additional Top-10 carrier has also agreed to pilot the application in 2024; RiskStream is excited to see progress with industry adoption.  

RiskStream's Summit on Multiparty Use of AI,  with a focus on cLLM

RiskStream Collaborative is proud to an upcoming summit on artificial intelligence (AI), with a focus on Consortia-wide Large Language Models (cLLM). By creating a cLLM, member companies can receive a more robust model for advanced data analysis, predictive insights, and automated decision-making capabilities in a private, secure, compliant manner. RiskStream is holding a Summit on the topic on July 11th, 12-1pm ET. The goal will be to provide education on various platforms, discuss data privacy, security and regulatory requirements and to identify and prioritize use cases for the P&C and Reinsurance communities. We anticipate a working group to form as a result of the summit, to further develop a multi-party AI solution for the industry.

SuretyDIGIT Coalition

The SuretyDIGIT Coalition was launched this quarter to expand its mission to digitalize and enhance the surety industry. The coalition has welcomed several new members, expanding and the support for digitization and the reach within the surety industry. As the founding organization, RiskStream continues to support the digitization efforts of the coalition through our blockchain-backed applications, and welcome involvement from obligees, sureties, brokers, associations, and others as we drive digital adoption in this space.

Tokenization of RWA:

• Art & Specie: RiskStream successfully completed a Phase 1 working group to align on workflows for a solution in art & specie through placement and conditional reporting. The end goal is to ensure provenance and authenticity through public blockchain & computer vision technology significantly reducing the risk of fraud, improving transparency, and streamlining manual processes.

• Commercial Property Insurance: RiskStream’s commercial property insurance initiative involves tokenization of real-world assets to create a risk repository for a specific commercial property. This initiative is moving to Phase 2 this summer, with involvement from a number of carriers, brokers, reinsurers, as well as organizations like HazardHub.

Fraud Proof-of-Concept Completion

We have successfully completed a proof-of-concept for auto claims fraud, in partnership with confidential computing platform provider, Opaque. This solution assists with fraud detection, which is a billion-dollar problem for the industry today. This solution ties together the RAPID X auto claims exchange application and creates value through added fraud detection and data sharing.

As with each quarter, we are very grateful to our members for their continued support and collaboration across our various initiatives. We look forward to sharing more exciting updates over the summer months!

Pat