Seven insurers have joined the real estate / accident industry in the institute's RiskStream Collaborative, the organization said in a statement Monday.
RiskStream Collaborative, part of Malvern, Pennsylvania-based institutes, uses blockchain to reduce industry transaction costs, improve customer experience, and increase the speed and security of data transfers between customers, industry stakeholders, and third parties, the statement said.
The new members of the real estate and accident industry are Aon PLC, CNA Financial Corp. Everest Reinsurance Co. Ltd., Extraordinary Re, Hartford Financial Services Group Inc., Norfolk & Dedham Group and Selective Insurance Co. of America, said the statement.
Eight companies also took the total number of member companies to 39 in life and annuity, the statement says.
RiskStream Collaborating members are now testing blockchain-based applications, including an assurance of ance application insurance and a first data sharing process announcement, said the statement.
"Blockchain becomes exponentially more powerful when more organizations join it," said Christopher McDaniel, president of RiskStream Collaborative, in the statement. 1