The Institutes RiskStream Collaborative, the risk management and insurance industry’s largest enterprise-level blockchain consortium, recently completed a transformative update of its Canopy distributed ledger framework with assistance from Kaleido. With Canopy 3.0 hosted by Kaleido, large U.S. insurers such as Nationwide, Prudential, and USAA (RiskStream members are depicted above) can expedite the application-development process, ensure data privacy and security, and host nodes across various clouds, including AWS and Azure.
The move to Canopy 3.0 follows recent RiskStream Collaborative developments, including launching a global working group on surety bonds power of attorney verification; initiating development of a certificates of insurance verification application; and developing the Mortality Monitor application to help life and annuities carriers close out and process death claims more efficiently.
Kaleido is also currently working with Riskstream to re architect its flagship product, a first notice of loss (FNOL) data-sharing application for personal lines, on Canopy 3.0 by April and then integrate it into the Guidewire marketplace in the spring, allowing members to test and move it into production over the summer.
Read more about the collaboration via Ledger insights, and for a closer look at the timeline of Canopy’s development, check out Insureblock’s podcast “RiskStream Collaborative’s Canopy 3.0 launch – a multi-ledger approach."