Seven insurance industry companies have joined the real estate / accident industry within the institute's RiskStream Collaborative, the organization said in a statement Monday.
RiskStream Collaborative, part of the Malvern, Pennsylvania-based institute, uses blockchain to help lower the cost of industry transactions, improve customer experience, and increase the speed and security of data transfers between customers, industry stakeholders, and third parties.
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 joined the life and annuity sector, giving the total number of member companies 39, says the statement.
RiskStream Collaborating members are now testing blockchain-based applications, including a proof of insurance application and a first loss of data sharing process notice, said the statement.
"Blockchain becomes exponentially more powerful when more organizations join it," said Christopher McDaniel, president of RiskStream Collaborative, in statement.